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Specimen board resolution for availingof a loan from a direc

22 December 2009

Can anyone provide me a specimen board resolution for new directors of a pvt ltd company introducing money in the company in the form of an unsecured loan and repayment of old directors' loan from this amount?

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parag (company secretary) (83 Points)
Replied 07 January 2010

RESOLUTION OF BORROWING LOANS FROM THE DIRECTORS OF THE COMPANY

" Resolved that the Company do borrow from time to time from all or any of its directors amounts of money including unsecured loans subject to the terms as may be mutually decided provided that the borrowings including unsecured loans from directors shall not exceed Rs.......in aggregate during a financial year and also that the director advancing the loan shall furnish to the Company the written declaration pursuant to Rule 2[b][ix] of the Companies [ Acceptance of Deposits ] Rules, 1975.

Further Resolved that the directors of the Company be and they are hereby individually and severally authorised to decide the terms of borrowings and to do all acts, things,matters as may be considered necessary, expedient, incidental or conducive in furtherance of the aforesaid and also for and on behalf of the Company."

Regards

Parag Jain

Company Secretary

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