Board Resolution for a Scheduled Bank to Borrow from the National Housing Bank (India) by OLL
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DRAFT FORMAT OF RESOLUTION TO BE PASSED BY THE BOARD OF THE BORROWING SCHEDULED BANK
(which has taken refinance earlier)
1. Resolved that the _______________________________________________________*do borrow from the National Housing Bank [hereinafter referred to as "the Housing Bank"] by way of refinance or otherwise for the purpose of housing loans extended / to be extended by it, from time to time, a sum of Rs.....................
2. RESOLVED FURTHER THAT the power to borrow from the Housing Bank for the aforesaid purpose be and is hereby delegated to the following officers severally, namely:
I. .___________________________________[Name & Designation]
II. .___________________________________[Name & Designation]
III. .___________________________________[Name & Designation]
3. RESOLVED FURTHER THAT the aforesaid Officers be and are hereby authorised severally to convey acceptance of the terms and conditions of the said borrowings from NHB on behalf of the Bank and to execute in favour of the Housing Bank, promissory notes, agreements, declarations and such other documents including statements and returns as may be required by the Housing Bank in connection with the said borrowings 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.
* Name of the bank
This document is a formal board resolution template for a scheduled bank to authorize borrowing or refinancing from the National Housing Bank (NHB). It outlines the delegation of authority to specific officers for executing promissory notes, agreements, and other necessary legal documentation required for the loan.
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About this template
What is this template?
This is a formal corporate authorization specifically for Indian banks. It is not a loan agreement itself, but the internal document required to prove the bank has the authority to enter into a loan with the National Housing Bank.
When should you use it?
Use this when a bank board needs to authorize a specific borrowing limit from the NHB; otherwise, use a general borrowing resolution for other commercial lenders.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Authorization to Borrow | Authorizes the bank to borrow a specific sum of Rs. [amount] from the National Housing Bank for housing loan purposes. |
| 2 | Delegation of Authority | Delegates borrowing power to up to three specific officers identified by their name and designation. |
| 3 | Execution of Documents | Authorizes designated officers to execute promissory notes, agreements, and declarations required by the National Housing Bank. |
Who it's for
- an Indian scheduled bank seeking refinance for housing loans from the National Housing Bank
How long it runs and how it's signed
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