The manager/officer should ascertain that the following additional formalities are completed
1. Certified copies of resolution /s for availing the credit facilities along with names of directors/other office bearers who are authorized to execute the documents have been obtained.
1. Certified copies of resolution /s for availing the credit facilities along with names of directors/other office bearers who are authorized to execute the documents have been obtained.
2. The bank’s charge is registered (within 30 days ) with the Registrar of Companies and necessary charge registration certificate along with search report is held on branch record.
3. Certified copies of Memorandum and Articles of Association and a certified copy of certificate of incorporation is held on record. In case of Public ltd. companies certificate of commencement of business is also obtained.
4. Confidential reports on the directors have been obtained.
5. Copies of audited balance sheets/half/yearly unaudited balance sheets are obtained scructinised and kept on record.
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