Board resolution format for a separate bank account for share application money under Section 42(6), with use after PAS-3, refund rules and joint signatories.
“RESOLVED THAT pursuant to Section 42(6) and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014 and the Articles of Association of the Company, consent of the Board be and is hereby accorded to open a separate current account in the name of the Company, styled ‘[Name of the Company] – Share Application Money Account’, with [●] Bank, [●] Branch, being a scheduled bank, solely for receiving and holding the application money for the [equity / preference] shares to be offered by the Company on a private placement basis.
RESOLVED FURTHER THAT the money in the said account shall be used only for adjustment against the allotment of the shares, after the allotment has been made and the return of allotment filed with the Registrar of Companies, or for repayment to the applicants, and the account shall be operated jointly by any two of Mr./Ms. [●], Director (DIN: [●]), Mr./Ms. [●], Director (DIN: [●]) and Mr./Ms. [●], Company Secretary (Membership No.: [●]).
RESOLVED FURTHER THAT any Director and/or the Company Secretary of the Company be and is hereby severally authorised to sign the account opening form and KYC documents, to furnish a certified true copy of this resolution to the bank and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”
No rules under this Section yet.