REPAYMENT OF DEBTS OF CORPORATION BY SHAREHOLDERS  

_________________, a Company incorporated under the Indian Companies Act, 1956, whose business is located at ____________ is compelled, in the conduct of its business, to borrow money in excess of the amount authorized by law for a short period of time each season for the purchase of supplies and the employment of help, and it is necessary in borrowing such money that the company gives security for the repayment of money borrowed, therefore, we the undersigned shareholders of ___________, bind ourselves to fully protect and indemnify any and all persons who may become sureties on the obligations of ______________, and we further guarantee the paymentof all obligations of __________ for money borrowed, and used in the business of __________, whether such obligations be in the form of notes or overdrafts, at either of ________ banks, and we waive presentation for payment, notice of non-payment, protest and notice of protest of all notes or obligations upon which we may become liable under this guarantee. It is understood that the liability of the signers of this guarantee shall be in proportion in the amount of share held by them respectively, at the time of the execution of this guarantee as between the parties to it; and that this obligation shall be enforced for all obligations and liabilities incurred by the ________ Company during the year ________ but no longer.

 

Dated __________.