Ordinary resolution format for deposits from members under Section 73(2) and Rule 3, with limits, tenure, interest ceiling and private company exemptions.
To consider and, if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to Section 73(2) and other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 and the Articles of Association of the Company, approval of the members be and is hereby accorded to the Company to invite, accept and renew, from time to time, deposits from its members up to an aggregate amount outstanding at any time of ₹[●] (Rupees [●] only), within the limit applicable to the Company under Rule 3(3) of the said Rules, for periods of not less than six months and not more than thirty-six months and at such rates of interest, not exceeding the ceiling applicable under the said Rules, as the Board of Directors may determine.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to issue the circular to the members, maintain the deposit repayment reserve and comply with the other conditions of Section 73(2) of the Act to the extent applicable to the Company, and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”