RE: Drafting of Mortgage Deed and Irrevocable General Power of Attorney A/C Company 1.
We refer to your letter no. ……………. dated May 28, 2007 on the above subject.
From your letter it appears that you have asked us to draft Mortgage Deed and Irrevocable General Power of Attorney (“IGPA”) to be executed by Company 1 (“Company 1”) in order to cover the following credit facilities:
1. Total Tk. 910 lac facility of Company 1.
2. Total Tk. 480 lac facility of N. N. Garments Limited.
We have perused the Memorandum of Association of Company 1 and found that the Company does not have the power to give third party mortgages.
Therefore, Company 1 can only execute deed of Mortgage and IGPA in order to secure their own loan. Company 1 cannot execute deed of Mortgage and IGPA in order to secure the liability of COMPANY 1 without amending their Memorandum of Association.
In view of the above, we are awaiting your further instruction regarding the matter.
For: “The Lawyers & Jurists”