Draft Resolution for Opening of Dividend Account with Bank

CERTIFIED TRUE COPY OF THE EXTRACT OF RESOLUTION PASSED AT [Number of meeting] MEETING OF THE BOARD OF DIRECTORS OF [Name of the Company] HELD ON [Day, Date, Time and Venue]

OPENING OF DIVIDEND ACCOUNT WITH [Name of the Bank] FOR FY [*]

“RESOLVED THAT a Current Account in the name of Company styled as “[Name of the Account]” with [Bank name], [Branch name], be opened on such terms and conditions as may be mutually agreed to between the Company and the bank for the issuance of Dividend Warrants, Drafts, ECS, for the financial year [*] at the designated branches.”

“RESOLVED FURTHER THAT the dividend warrants shall be printed under the facsimile signature of [Name of the Directors] of the Company and the said warrants be honoured with these signatures.”

“RESOLVED FURTHER THAT Mr. [Name of the Directors] of the Company be and is hereby severally authorized to open and operate the said account and execute dividend related documents viz at par Agreement, ECS controls, Final Controls, revalidation/correction on the face of any dividend warrant(s), and to do all such acts, deeds, and things including the execution of documents with the Bank under the common seal of the Company, in accordance with the provisions of the Articles of Association of the Company.”

“RESOLVED FURTHER THAT pursuant to the provisions of Section 123 and 124 of the Companies Act, 2013, the entire amount of dividend as approved by the Members of the Company in the AGM of the Company, be deposited in the said Bank Account within 5 days from the date of approval by the Members.”

“RESOLVED FURTHER THAT all the dividend warrants be issued from the aforesaid bank account and that on the 37^th day from the date of declaration of the dividend, the respective Banks may be instructed to change the name of aforesaid Bank Account to “[Name of the Account]” and continue to honour the warrants from the balance remaining in the said Accounts, till 7 years after which the said balance to be transferred to Investor Education and Protection Fund Authority.”

“RESOLVED FURTHER THAT [Directors of the Company] be and is hereby severally authorised to correspond / issue / furnish such information to banks / its officials and in general to do all such acts, matters, things, deeds as may be necessary to give effect to this resolution.”

Certified to be True Copy

For (Name of the Company)

[Name of the Directors]

[Name of Designation]

DIN: [*]