Board Resolution For Sale Of Company Property Template for Singapore

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Key Requirements PROMPT example:

Board Resolution For Sale Of Company Property

"Need a Board Resolution For Sale Of Company Property to approve the sale of our manufacturing facility at 123 Industrial Road for SGD 5.2 million, with completion planned for March 2025; resolution should authorize our CEO and CFO to execute all necessary documents."

Document background
A Board Resolution For Sale Of Company Property is required under Singapore corporate law when a company intends to dispose of its property assets. This document is essential for demonstrating proper corporate governance and compliance with the Companies Act (Cap. 50). It should be used whenever a company plans to sell significant property assets, whether real estate, industrial facilities, or other property holdings. The resolution typically includes details of the property, sale terms, verification of board approval, and specific authorizations for executing the transaction. It serves as official evidence of the board's decision-making process and protects the company's interests by ensuring proper documentation of the approval process.
Suggested Sections

1. Title and Date: Formal identification of the resolution and date of meeting

2. Attendance: List of directors present and confirmation of quorum

3. Background: Context and reasons for the proposed property sale

4. Property Details: Specific description of the property being sold

5. Resolution Statements: Formal decisions being made by the board

6. Authorization: Powers granted to specific individuals to execute the sale

Optional Sections

1. Valuation Details: Include when independent valuation has been conducted for major assets or when required by regulations

2. Shareholder Approval: Reference to shareholder approval requirement when transaction exceeds certain thresholds or requires shareholder approval

3. Conditions Precedent: Specific conditions that must be met before sale completion, used when sale is subject to specific conditions

Suggested Schedules

1. Property Details Schedule: Detailed description of property including title details

2. Valuation Report: Independent valuation report if obtained

3. Sale Agreement: Draft or final sale agreement to be approved

4. Power of Attorney: If specific powers are being delegated for the transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Industries

Companies Act (Cap. 50): Primary legislation governing corporate actions including Section 157 (Directors' fiduciary duties), Section 160 (Powers of directors), Section 179 (Matters requiring shareholder approval), and Section 23 (Company's constitution requirements)

Land Titles Act (Cap. 157): Legislation governing real estate property transfers and ownership rights in Singapore, particularly relevant if the property being sold is land or real estate

Property Tax Act: Legislation governing tax implications and obligations arising from the disposal of property assets

Stamp Duties Act: Legislation governing stamp duty obligations and requirements for property transactions in Singapore

MAS Regulations: Monetary Authority of Singapore regulations pertaining to sale of property, especially relevant if the company is in the financial sector

SGX Listing Rules: Singapore Exchange requirements for property transactions, applicable if the company is listed on the exchange

Environmental Public Health Act: Legislation concerning environmental and health considerations, particularly relevant if the property includes regulated facilities

Planning Act: Legislation governing zoning and land use considerations that may affect the property sale

Company Constitution: Internal governing document that may contain specific requirements for property disposal and board resolution procedures

Corporate Governance Code: Guidelines and requirements for corporate governance practices, including decision-making processes for significant asset disposals

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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