Company Authorisation For Car Finance

AUTHORISATION FOR CAR FINANCE 





EXTRACTS OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF THE ______________________________ (NAME OF COMPANY) HELD ON __________ (DATE). IN WHICH THE REQUISITE QUORUM WAS PRESENTED 



"RESOLVED THAT the Company do take a loan of Rs. ___________/- from ______________ Bank, New Delhi for the purchase of ____________________ which will be for the use of employees/Directors of the Company. 

RESOLVED FURTHER THAT the said vehicle be hypothecated in favour of the said bank on the terms which are hereby accepted, namely that the loan so advanced by the __________________ Bank shall be repayable in three years time along with interest in equal monthly installments of Rs. _____________ /- and shall carry a rate of interest of ___ % on the outstanding amount. 

RESOLVED FURTHER THAT MR _______________., Director of the Company be and is hereby authorized to execute the loan agreement, promissory note, power of attorney, hypothecation deed, post datedcheques and other necessary documents, wherever required in this connection. 

RESOLVED FURTHER THAT the loan to be availed from ____________________ Bank is within the limits of the borrowing powers of Board as contained in the Memorandum and Articles of Association and all borrowings including the proposed loan from _________________ bank are within the total limit of paid up capital and free reserves. 



RESOLVED FURTHER THAT the loan to be availed from ________ bank is within the limits of the borrowing powers of the Company as authorized in the General Meeting of the Company held on ___________." 

Certified True Copy 

For (Name of Company)__________ 



Name and Designation of Signatory