Document background
A Board Resolution For Approval Of Shareholders Agreement is a critical corporate governance document used when a corporation's board of directors needs to formally approve a shareholders agreement. This document is required under Canadian corporate law to demonstrate proper authorization and approval of significant corporate actions. It's typically used when implementing new shareholders agreements, amending existing ones, or when significant changes in corporate structure or ownership occur. The resolution must comply with either federal legislation (CBCA) or provincial corporate laws, depending on where the corporation is registered. It serves as official evidence that the board has fulfilled its fiduciary duties by properly reviewing and approving the shareholders agreement, and typically includes details about the meeting, the decision-making process, and specific authorizations granted.
