Document background
A Board Resolution To Purchase Property is a crucial corporate governance document required under Canadian law when a corporation intends to acquire real estate. It demonstrates proper corporate authorization and decision-making in accordance with federal legislation (such as the Canada Business Corporations Act) and applicable provincial laws. This document is essential for establishing the board's approval of property purchases, outlining transaction details, and designating authorized representatives. It typically includes specific property details, purchase terms, authorization limits, and any conditions precedent to closing. The resolution serves multiple purposes: it creates a permanent corporate record, satisfies legal and regulatory requirements, and provides necessary authorization for officers to execute purchase documentation.
