Irrevocable General Power of Attorney, Company

BEFORE THE NOTARY PUBLIC, BANGLADESH

IRREVOCABLE GENERAL POWER OF ATTORNEY

(To collect the Book debt & Bill Receivables)

WHEREAS, X Apparels Washing & Packaging Industry Limited, a private company limited by shares incorporated in Bangladesh under the Companies Act 1994 having its office address at Teluljura, Rajfulbaria, Savar, Dhaka, represented by its Managing Director, earlier appointed Dhaka Bank Limited, Local Office, Dhaka empowering to collect book debts, bills receivable and bills, undertakings, goodwill, assets and all other floating assets of the company by executing Irrevocable General Power of Attorney dated ____________ for adjustment of its loan liability against aggregate loan facility of Tk.28,00,00,000.00 (Taka twenty eight crore) only as per Sanction Letter No. DBL/LO/CR/2001/4092 dated 14.06.2001 & DBL/LO/CR/2001/4093 dated 14.06.2001.

Whereas the Company being in need of further financial assistance requested the Bank for enhancing the aggregate limit and pursuant to such request the Bank has enhanced the said loan limit from Tk.28,00,00,000.00 (Taka twenty eight crore) only to Tk.36,27,38,000.00 (Taka thirty six crore twenty seven lac thirty eight thousand) only in the form of (i) BBLC with accepted liability limit of Tk.25,00,00,000.00 (Taka twenty five crore) only, (ii) Overdraft limit of Tk.2,00,00,000.00 (Taka two crore) only, (iii) IBP limit of Tk.1,00,00,000.00 (Taka one crore) only, (iv) LC limit of Tk.1,00,00,000.00 (Taka one crore) only, (v) Bank Guarantee limit of Tk.50,00,000.00 (Taka fifty lac) only, (vi) Term Loan- 1 limit of Tk.4,94,09,000.00 (Taka four crore ninety four lac nine thousand) only, (vii) Term Loan- 2 limit of Tk.1,83,29,000.00 (Taka one crore eighty three lac twenty nine thousand) only, vide its Sanction Letter No. DBL/LO/EXP/2008/14617 dated 23.09.2008 and DBL/LO/EXP/2009/7910 dated 30.06.2009 on conditions inter alia, the Company shall execute an Irrevocable General Power of Attorney empowering the Bank to sell the hypothecated stock & machineries.

NOW KNOW ALL MEN BY THESE PRESENTS that we, X Apparels Washing & Packaging Industry Limited, a private company limited by shares incorporated in Bangladesh under the Companies Act, 1994 having its office address at Teluljura, Rajfulbaria, Savar, Dhaka, represented by its Managing Director, in consideration of enhancement of loan limit from Tk.28,00,00,000.00 (Taka twenty eight crore) only to Tk.36,27,38,000.00 (Taka thirty six crore twenty seven lac thirty eight thousand) only, both hereby irrevocably nominate, appoint and constitute:

DHAKA BANK LIMITED

Local Office

Adamjee Court

115-120, Motijheel Commercial Area

Dhaka-1000;

as our true and lawful ATTORNEY to collect book debts, bills receivable and bills, undertakings, goodwill, assets and all other floating assets of the company (hereinafter collectively referred to as the ‘Assets).

The Assets hypothecated with the Attorney Bank the Attorney Bank may at its discretion sell the same for adjustment of our loan liability without intervention court of law and all proceeds received under this authority shall be treated as true and valid receipt on our behalf.

To seal, sign and execute any document and to do any act on our behalf relating to the Assets hypothecated by us with the ATORNEY BANK and to receive all sale proceeds on that account to adjust the loan account.

To do any act on our behalf relating to the Assets hypothecated with the Bank.

To deliver the possession of the Assets or part thereof to the purchaser, transferee or assignee or 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 Stock & Machineries AND TO REALIZE THE AMOUNT FROM SALE OF THE SAME AND TO ADJUST OUR LOAN LIABILITIES WITH THE ATORNEY BANK.

THIS POWER OF ATTORNEY SHALL BE IRREVOCABLE TILL OUR ENTIRE LIABILITIES WITH THE BANK ARE FULLY LIQUIDATED AND THE SAID BANK RELEASES US ABSOLUTELY FROM ALL LIABILITIES WHATSOEVER AND THE BORROWER SHALL NOT EXECUTE ANY OTHER POWER OF ATTORNEY RELATING TO THE SAID HYPOTHECATED ASSETS OTHER THAN THE BANK MENTIONED HEREIN ABOVE.

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

IN WITNESS WHEREOF WE HERETO PUT OUR AUTHORIZED SEAL AND SIGNATURE ON THIS THE_______ DAY OF ____________,2009 OF THE CHRISTIAN ERA, BEFORE THE NOTARY PUBLIC, BANGLADESH.

Sealed, signed and delivered by                                      For & on behalf of:

X Apparels Washing                                       X Apparels Washing

& Packaging Industry Limited                                   & Packaging Industry Limited ____________________, Managing Director

being the authorized signatory in terms of Board

Resolution dated ——————–,

in the presence of:

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.

Email-admin@lawyersnjurists.com/nomaer@hotmail.com

www.lawyersnjurists.com

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.