loan from director

ORDINARY

A Company can borrow loan from director with the consent of the board.. The issue of approval of members is required only when the amount already borrowed and proposed to be borrowed exceeds the paid up share capital of the Company.

1. Get a letter from the Director that the money has not been borrowed by him for the pupose of lending it to the Company. Otherwise the unsecured loan may be treated as a Deposit.

2.Pass a resolution at a meeting of Board( not by circulation )

i need to have a draft for resolution to be passed in Board Meeting for taking loan from director

please revert as early as possibel

Dear All

what is provision  in company act  to take back the unsecured loan given by director or  partner?

Is it  possible to take back the loan ??

Thanks & regards

Raj

hi,

in the time increase of share capital from directors loan we pass resultions right ... but  company have loan from one(A)director. but dont have another director(B) . so A s share 75 % B s share 25% .

but B dont have money . so that time A s portion of loan transfered to B in books. so that much of money given by A loan .

so i want draft for agreement between two director loan transfer ?

plaese suggest me si... please what procedure have to follow for transfer of A to B loan

and please send draft for me urgently .... to

bharathkumar @ eventtracker.com

bharath

what is the nature of directors loan and where is to be shown in balance sheet