DRAFT FORMAT OF RESOLUTION TO BE PASSED BY THE BOARD OF THE BORROWING SCHEDULED BANK
FOR EXECUTION OF AGREEMENT
(applicable
to banks which have not taken refinance earlier)
Resolved;
That
the ........................... (name of bank) do borrow from the National
Housing Bank (hereinafter referred to as "the Housing Bank") under
its refinance scheme applicable to Scheduled Banks by way of refinance for the
purpose of promoting housing in the country on the terms and conditions set out
in the draft Memorandum of Agreement forwarded by the Housing Bank with its
letter No. ................... dated .................., a copy whereof duly
authenticaed by the Chairman has been circulated to the Members of the Board.
That
the draft Memorandum of Agreement forwarded by the Housing Bank with its letter
no. .............. dated .............. be and is hereby approved and
Shri..................................... and Shri ...................... (name
and designation) be and is hereby authorised to execute the Memorandum of
Agreement under their signature duly witnessed.
That
Shri .............................., director / official and Shri
......................... director / official be and are hereby authorised
severally to borrow an amount up to Rs.............. with or without security
from the Housing Bank by way of refinance for the aforesaid purposes from time
to time upon the terms and conditions set out in the said Memorandum of
Agreement with such modifications as might have been agreed to on behalf of the
Bank and accept and convey acceptance on behalf of the Bank to the Housing Bank
to the letters of sanction that may be issued by the Housing Bank from time to
time in connection with the said borrowings.
That
the following officials of the Bank
........................................
........................................
........................................
be
and are hereby authorised severally to execute on behalf of the Bank and in
favour of the Housing Bank such other deeds and documents, promissory notes,
declarations and other writings whatsoever as the Housing Bank may require from
time to time in connection with the aforesaid borrowings by way of refinance
and generally to do or cause to be done such other acts, deeds and things as
may be required by the Housing Bank in connection with the said borrowings.
