Board Resolution Letter to Bank

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Sample Template Example of Board Resolution Letter Format for Bank for Opening a Bank Account / LC / BG Limit etc in India in Word / Doc / Pdf Free Download


RSL:IDBI:2013-14

February 9, 2014

The Chief Manager
State Bank of India
Bhubaneswar Industrial Estate Branch
Bhubaneswar

Dear Sir,

As per the Resolution dated 25.01.12, Directors of the Company were authorised severally to accept the working capital limits from State bank of India as per the terms and conditions of the Bank. We further confirm the following :

1.    Whereas vide Board Resolution  dtd.25.01.2012 of the Company, the representatives of the Company so authorised in the Board Resolution(s) have executed documents as approved by the Board as per the said Resolutions for availing Letter of Credit and Bank Guarantee limits of Rs.125 lacs and Rs.50 lacs respectively from State Bank of India.

2.    And whereas for availing the above  Letter of Credit and Bank Guarantee limits, the Company is required to execute application cum guarantee for Letter of Credit and Counter Guarantees for Bank Guarantee from time to time for varying amount within the total Letter of Credit and Bank Guarantee limits for which documents have been executed by the Company with State Bank of India.

3.    And whereas each such  execution of application cum guarantee and counter guarantees can not be carried out by Board Resolution at each instance and with affixing of common seal of the company duly witnessed as per provision in the Memorandum and Articles of Association of the Company as amended from time to time and/or modified by Board Resolution of the Company, are not feasible because of exigencies of and urgency of such issue of Letter of Credit and Bank Guarantee from time to time.

Therefore, it is accepted that such application cum guarantee and Counter Guarantee for Letter of Credit and Bank Guarantee issued within the total limit for such Letter of Credit and Bank Guarantee sanctioned by the  State Bank of India, will be signed / executed by any of the functionaries of the Company, such functionary not necessarily being a Director of the Company and common seal of the Company need not be affixed on such documents executed by these functionaries for such purpose, and such execution of application cum guarant
ee and counter guarantee will be binding on the company and will be secured by the charges on the assets of the company, and the State Bank of India, will have full recourse to the assets of the company to recover any liability, costs, expenses, interest due to State Bank of India.

Contd… P/2

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It is further accepted that all such application cum guarantee and counter guarantee executed by any such functionaries of Director(s) of the Company; such execution even if found not in conformity with the Board Resolution dtd.25.01.2012 are binding on the company, as if executed as per the Board Resolution dtd.25.01.2012.

Thanking you,

Yours faithfully,
For ROCKET SALES LTD.



MANAGING DIRECTOR


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