Signing of Extracts of Board Resolution

[Sakina Rassawala]

Dear Friends,

Can one director sign the extracts of Board resolution for opening of Bank Account which need to be submitted to the Bank.

[kameswara Rao Kappagantula]

yES

Any Director can sign the said extract

Kamesh

On Mon, Dec 19, 2011 at 2:24 PM, Sakina Rassawala <sakin...@gmail.com> wrote:

Dear Friends,

Can one director sign the extracts of Board resolution for opening of Bank Account which need to be submitted to the Bank.

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[ACS DIVYA LAL]

yeah upto my opinion.there is no restriction anywhere mentioned

 

Members views solicited

On Mon, Dec 19, 2011 at 2:24 PM, Sakina Rassawala <sakin...@gmail.com> wrote:

Dear Friends,

Can one director sign the extracts of Board resolution for opening of Bank Account which need to be submitted to the Bank.

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Thanks and Warm Regards,

 Divya Lal

United Breweries Limited

Bangalore

 

 

 

   

[Rupal Gambhir]

Yes, any one director can sign the BR

> **

[ramela rangasamy]

Yes. Very well a single director (Director other than a Director who authorised by the Board to open the Bank Account) can certify an extract of Board Resolution.

R.Ramela

Company Secretary in Practice

A-6, Aaryaa Harmony Apartment, A.S.Colony,

Police Kandasamy Street, Olympus,

Ramanathapuram,

Coimbatore 641 045.

 

Cell No.9442617180

 

Phone No.0422 – 2317180

 

e-mail: rum...@yahoo.com

 

---

From: Sakina Rassawala <sakin...@gmail.com>
To: csmy...@googlegroups.com
Sent: Monday, 19 December 2011 2:24 PM
Subject: [CSMysore] Signing of Extracts of Board Resolution

Dear Friends,

Can one director sign the extracts of Board resolution for opening of Bank Account which need to be submitted to the Bank.

[anjali bansal]

This is upto Bank's internal requirement only. Many bank want the
resolution to be signed either by TWO directors or by the Company
Secretary.

Thanks

[Bidu Bhusan Dash]

Dear Mr.R.Ramela

Are you sure that extracts should be signed by the directors concerned who are not authorised.........if it is signed by the directors who is authorised then what the problem  ? pls clarify

--

Regards,

Bidu

[kameswara Rao Kappagantula]

Dear Sir

If the Resolution talking about giving of  CTC duly certified by a Particular Director then CTC should be given by that Director Signature only.

Suppose by the time we r giving CTC that Director is not there say resinged then any other Director can sign clearly mentioning the reason by saying that concerned Director is not on Board due to resignation, thatn this is ok.

As someone said it is for Bank Internall affirs... mostly bank s take u r MOA and AOA and Speciment Signature of Authorised Persons... Approving of CTC signed by Any Director is Banks Discretion

Kamesh

[anjali bansal]

this is sp because no person can authorise himself to do any act. eg.
if there is a resolution authorising A to do a certain act and the BR
is signed by him only, then it might give an impression that A has
authorised himself to do the act. Pls know that such interpretation is
not available anywhere in the Act, but banks and some other bodies
have this notion because (1) they dont understand that CTC of BR is
just an extract of Board'd decision taken at the BM and (2) they
beleive that most companies do not convene BM, rather pass resolutions
as and when required and minutise them later on. Therefore, they
insist that the BR should be signed by a Director who is not
authorised in the BR itself.

Pls correct if i am wrong.

Thanks

Anjali

[ramela rangasamy]

Hi Bidu Bhusan Dash,

My answer for your query is same as what explained by Anjali.

R.Ramela

Company Secretary in Practice

A-6, Aaryaa Harmony Apartment, A.S.Colony,

Police Kandasamy Street, Olympus,

Ramanathapuram,

Coimbatore 641 045.

 

Cell No.9442617180

 

Phone No.0422 – 2317180

 

e-mail: rum...@yahoo.com

 

---

From: anjali bansal <anjali.b...@gmail.com>
To: csmy...@googlegroups.com
Sent: Monday, 19 December 2011 3:07 PM
Subject: Re: [CSMysore] Signing of Extracts of Board Resolution

[Sakina Rassawala]

Dear Friends,

Can someone please provide the excerpts of rule or law in which it is stated that the extracts of board minutes can be signed by one director.

[anjali bansal]

Dear Sakina

Though i cant recall any rule saying that extracts of BM can be signed
by one Director, it is a common understanding that we always provide
CERTIFIED TRUE COPY of resolutions. Since, the resolution is passed at
at BM, then obviously it has to be certified some Director. If you are
scpetical about the number of Directors required to sign it, then its
a common practice to provide BR signed by one Director only, however,
on specific request and under special circumstances, it can be signed
by two (any sometimes by all) Directors.

Thanks

Anjali

On 12/20/11, Sakina Rassawala <sakin...@gmail.com> wrote:
> Dear Friends,
>
> Can someone please provide the excerpts of rule or law in which it is
> stated that the extracts of board minutes can be signed by one director.
>
> On Mon, Dec 19, 2011 at 4:10 PM, ramela rangasamy <rum...@yahoo.com> wrote:
>
>> Hi Bidu Bhusan Dash,
>>
>>
>> My answer for your query is same as what explained by Anjali.
>>
>> R.Ramela
>> Company Secretary in Practice
>> A-6, Aaryaa Harmony Apartment, A.S.Colony,
>> Police Kandasamy Street, Olympus,
>> Ramanathapuram,
>> Coimbatore 641 045.
>>
>> Cell No.9442617180
>>
>> Phone No.0422 – 2317180
>>
>> e-mail:

>> rum...@yahoo.com<http://in.mc947.mail.yahoo.com/mc/compose?to=rum...@yahoo.com>
>>
>>
>> ------------------------------
>> *From:* anjali bansal <anjali.b...@gmail.com>
>> *To:* csmy...@googlegroups.com
>> *Sent:* Monday, 19 December 2011 3:07 PM
>> *Subject:* Re: [CSMysore] Signing of Extracts of Board Resolution

[kameswara Rao Kappagantula]

there is no rules or section it is speaking about CTC

just it is practice as usaully giving by companies for various purposes like Getting registration under Shops & Establishments, Service tax..

As for the Company abd Boarrd concerned the Minutes as prepared as required under the act and get it signed and kept as per the requirements then everything is over... signing of CTC as required by bank etc.. who is signing on that is not matter.



Kamesh

[saurabh chakravorty]

Har cheez mein section ghusane ki jarurat nahi hai kuch cheeje common sense se bhi ki jati hai...

[Madhur Agrawal]

Extract of Board Meeting when issued is nothing but certified true copy of such resolution, and the documents of the company may be certified by any of the director.

[Arvind Gupta,CS]

Dear Bidu/Sakina,

 

Notions shared by Ms. Anjali are correct.

 

Not just Banks but RBI too insists that CTC of BR should be signed by a person other than the person authorized to undertake transaction. For reference you may refer to highlighted part in Page No.3 of attached RBI guidelines on Derivatives.

 

Regards,

Arvind