Dear All,
I am working in Ambarnath ( Bombay) based Company. We have incorporated Employees Credit Co-operative Society in the Company. Same is Duly registered .
In order to prtect Societies interest we take collateral securities in the form of LIC or other insurance policies , from Member obtaining loan of ceratin amount.
We have prepared Lien authority Letter to authorise Socity to hold polies in the form of lien .
Is it require to get this lien authority letter franked? If yes then what will be the franking amount for this lien authority letter ?kindly mention the provision in the Bombay Stamp Act contaning the duty amount.
Is it require to notify with Insurance company regarding this lien ? What are the all other required formalities in this regard?
Thanks in advance ,
Gargi
