"RESOLVED that the company be allowed to invite and accept deposits from the public (including the employees of the company) up to Rs……….. which will be within the limits prescribed under Rule 3 of the Companies (Acceptance of Deposits) Rules, 1975, and that such deposits be accepted pursuant to the terms and conditions, set out in the draft tabled before the Board and for the purposes of identification initialed by the Chairman.
RESOLVED further that the text of the advertisement in English language and in Punjabi language inviting deposits from public be and is hereby approved and authority is hereby accorded to the issue of such advertisement as required under Rule 4 of the Companies (Acceptance of Deposits) Rules, 1975, in the name of the Board of Directors of the Company and the Secretary of the Company be directed to deliver a copy thereof signed by a majority of those who have been named therein as Directors of the Company or by their duly authorized agents to the Registrar of Companies, Punjab, for registration on or before the date of its issue, and publish it in all leading English and Punjabi newspapers circulating in the State of Punjab.
RESOLVED further that the, `form of application for deposits’ either for acceptance or renewal of any deposit along with all particulars required under Rule 5(2) of the Companies (Acceptance of Deposits) Rules, 1975, the draft of which is tabled before the meeting and for the purposes of identification initialed by the Chairman, be and is hereby approved.
RESOLVED further that Shri.………… and Shri.………….. the Directors of the company, and Shri.…….. and Shri.………….., and Shri.…………, General Manager and Secretary of the Company respectively, be and are hereby authorized individually to issue temporary and `fixed deposit’ receipts on behalf of the Company and sign interest warrants/cheques and/or otherwise pay interest to the depositors and sign cheques by way of refund of deposit(s) either for premature repayment or when due in accordance with the terms and conditions approved hereinbefore.
RESOLVED further that deposits of Rs…….. be accepted by the company without invitation in accordance with the provisions of Rule 4A of the Companies (Acceptance of Deposits) Rules, 1975, subject to such terms and conditions as per the draft submitted to this meeting and initialed by the chairman for the purpose of identification.
RESOLVED further that the text of the statement in lieu of advertisement containing all particulars required under Rule 4A of the Companies (Acceptance of Deposits) Rules, 1975, produced before this meeting and initialed by the Chairman for the purpose of identification, be and is hereby approved and the same be signed by all the Directors named therein or by their duly authorized agents and be delivered to the Registrar of Companies, Punjab, for registration."
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