Board Resolution for a Scheduled Bank to Execute a Refinance Agreement with 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 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.
This document is a draft board resolution for a scheduled bank seeking to enter into a refinance agreement with the National Housing Bank. It outlines the formal approval process for borrowing funds to promote housing and authorizes specific officials to execute the necessary legal agreements and promissory notes.
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About this template
What is this template?
This document is a formal corporate resolution passed by a bank's board to authorize participation in a specific refinance scheme. It is not the loan agreement itself, but the internal authority required to sign such an agreement and subsequent promissory notes. It specifically targets banks that have not previously taken refinance from this institution.
When should you use it?
Use this when a scheduled bank in India needs to formally record board approval for a new refinance facility with the National Housing Bank. Use a 'General Power of Attorney' or a 'Loan Agreement' instead if the focus is on broad representation or the substantive debt terms rather than board authorization.
What's inside
| Clause | Name | What it does |
|---|---|---|
| First Resolution | Authorization to Borrow | Authorizes the bank to borrow from the National Housing Bank under its refinance scheme for housing promotion. |
| Second Resolution | Approval of Memorandum of Agreement | Approves the draft Memorandum of Agreement and authorizes two named individuals to execute it under witness. |
| Third Resolution | Borrowing Limit and Acceptance | Authorizes directors to borrow up to a specific amount in Rupees and convey acceptance to letters of sanction. |
| Fourth Resolution | Execution of Ancillary Documents | Empowers listed officials to execute promissory notes, declarations, and other writings required by the National Housing Bank. |
Who it's for
- an Indian scheduled bank seeking refinance for the first time from the National Housing Bank
- a board of directors authorizing specific officials to execute housing refinance agreements
- a bank official requiring a formal draft for approving refinance borrowing limits
How long it runs and how it's signed
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