IRREVOCABLE GENERAL POWER OF ATTORNEY

BEFORE THE NOTARY PUBLIC OF BANGLADESH

 

IRREVOCABLE GENERAL POWER OF ATTORNEY

(To sell the hypothecated stock and to collect book debts & receivable)

WHEREAS I, X being the sole proprietor of M/s. Z Iron Store having its office address at 10/10/1, English Road, Kotwali, Dhaka-1100, requested DHAKA BANK Limited, Bangshal Branch, 88, Shaheed Syed Nazrul Islam Sharany, Bangshal, Dhaka-1100, Bangladesh for sanctioning loan facility and pursuant to such request the said Bank has sanction an Overdraft under SME limit of Tk.8,00,000.00 (Taka eight lac) only (hereinafter referred to as the ‘Loan’) vide its Sanction Letter No. DBL/BSL/CR/2009/3860(A) dated 26.08.2009, (the ‘Sanction Letter’).

KNOW ALL MEN BY THESE PRESENTS that I, X being the sole proprietor of M/s. Z Iron Store having its office address at 10/10/1, English Road, Kotwali, Dhaka-1100, in consideration of granting me the Loan facility mentioned above and with a view to secure repayment of the said loan, do hereby irrevocably, nominate, appoint and constitute:

 

Dhaka Bank Limited

Bangshal Branch

88, Shaheed Syed Nazrul Islam Sharany,

Bangshal, Dhaka-1100.

 

Head Office:

Biman Bhaban,

100 Motijheel Commercial Area,

Dhaka-1000;

as my true and lawful ATTORNEY (hereinafter referred to as “ATTORNEY BANK”) to do all or any of the followings acts, deeds and things:

1.         to sell the hypothecated stocks of different types of steel sheets, rods etc., Machineries, furniture & fixture, office equipment stored to be stored at my business premises located at 10/10/1, English Road, Kotwali, Dhaka-1100, or anywhere wheresoever through out the country (hereinafter referred to as the ‘Stock) without intervention of court of law.

  1. the Stocks mentioned above being hypothecated with the ATTORNEY BANK may be sold by the ATTORNEY BANK at its absolute discretion without any intervention of Court of law and all proceeds received under this authority shall be treated as true and valid receipt on my behalf and may be adjusted against my Loan liabilities with the ATTORNEY BANK.
  1. To collect all receivables against book debts for adjustment of my Loan liability with the ATTORNEY BANK, in case of my default to repay the same.

3.         To seal, sign and execute any documents and to do any act on my behalf relating to the aforesaid hypothecated Stocks and to receive all sales proceeds on that account to adjust my Loan account(s) and/or any other liabilities with the ATTORNEY BANK.

4.         To do any act on my behalf relating to the said Stocks hypothecated with the ATTORNEY BANK.

5.         To deliver the possession of the said Stocks or part thereof to the purchaser, transferee or assignee, as the case may be and to do all other acts in this regard.

IN GENERAL TO DO ALL OTHER ACTS, DEEDS, MATTERS AND THINGS WHATSOEVER IN OR ABOUT THE SAID HYPOTHECATED STOCKS AND TO REALISE THE AMOUNT FROM SALE OF THE SAME AND TO ADJUST MY LIABILITIES WITH THE SAID ATTORNEY BANK.

AND the powers conferred on the Attorney Bank hereunder RELATING TO THE HYPOTHECATED STOCKS are solely to protect the interests of the Attorney Bank and shall not impose any duty upon the Attorney Bank to exercise any such power.

THIS POWER OF ATTORNEY SHALL BE IRREVOCABLE UNTIL MY ENTIRE LIABILITIES WITH THE ATTORNEY BANK ARE FULLY LIQUIDATED AND THE SAID ATTORNEY BANK RELEASES ME ABSOLUTELY FROM ALL LIABILITIES WHATSOEVER AND I SHALL NOT EXECUTE ANY OTHER POWER OF ATTORNEY RELATING TO THE SAID HYPOTHECATED STOCKS.

I DO HEREBY UNDERTAKE AND AGREE TO RATIFY WHATSOEVER THE SAID ATTORNEY BANK SHALL LAWFULLY DO OR CAUSE TO BE DONE UNDER THESE PRESENTS AND TO INDEMNIFY THE ATTORNEY BANK AGAINST ALL COST AND EXPENSES INCURRED BY IT.

 

IN WITNESS WHEREOF, I HEREUNTO SET MY SEAL AND SIGNATURE ON THIS THE DAY OF ______________2009, BEFORE THE NOTARY PUBLIC, Bangladesh.

For:

M/s. Z Iron Store

____________________________

(X)

Signed in the presence of

(Signatures, names and

addresses of the witnesses):

1. Name & Signature

Address:

Drafted by:

2. Name & Signature

Address:                                                                     For: The Lawyers & Jurists

M.L.Hotel Tower Ltd,

208,Shahid Syed Nazrul Islam Sarani,

Bijoy Nagar, Dhaka-1000.

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