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Authority to Purchase

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Authority to Purchase
In international commerce, notification given to a seller stating that an importer (instead of the importer's bank) will accept a bill of exchange from the seller within a certain period of time to pay for a good. Authority to purchase documents are used in East Asian countries, most notably in Japan. See also: Authority to pay.


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The resolutions passed under Special Business were as follows: - The Directors' authority to allot a limited number of currently unissued ordinary shares for cash was renewed; - The Directors' authority to issue such shares without first offering such shares to existing ordinary shareholders pro rata to their existing holdings has been renewed; and - The Company's authority to purchase up to 14.
The entity's legal authority to purchase banks' shareholdings is good through March 31, 2012.
The new law simply extends--for another year--certain temporary provisions, including granting the Secretary of Education the authority to purchase loans from lenders within the federal guaranteed loan program (to ensure they continue to have access to capital to originate new loans).
 
 
 
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