A Board Resolution For Sale of Property is an essential corporate governance document required when an Australian company intends to sell real estate assets. This document is necessary to comply with the Corporations Act 2001 and demonstrates that the decision to sell property has been properly considered and approved at the board level. The resolution typically follows a formal board meeting where the proposed sale is discussed and voted upon. It should include specific details about the property, the approved sale price range, and designate authorized persons to execute the sale documents. This type of resolution is particularly important for stakeholders such as purchasers' solicitors, banks, and land registry offices, who need evidence that the company has properly authorized the property sale. The document must be drafted in accordance with both federal corporate law requirements and relevant state-based property legislation.
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1. Header: Company name, ACN, date and time of meeting, and type of resolution
2. Attendance: List of directors present, apologies, and confirmation of quorum
3. Chairperson: Identification of the meeting's chairperson
4. Declaration of Interests: Disclosure of any directors' interests in the property transaction
5. Background: Context of the property sale, including property details and reason for sale
6. Property Details: Full legal description of the property, including title details and address
7. Sale Terms: Key terms of the approved sale, including price and any special conditions
8. Resolution: Formal resolution text authorizing the sale and appointing authorized persons
9. Authorization: Powers granted to specific officers to execute documents and complete the sale
10. Certification: Secretary/Director's certification that the resolution was duly passed
1. Previous Minutes: Reference to previous board discussions or resolutions about the property sale, if applicable
2. Valuation Details: Include when formal property valuations have been obtained to support the sale price
3. Special Conditions: Any unique requirements or conditions attached to the sale approval
4. Risk Assessment: Include when there are significant risks associated with the sale that the board has considered
5. Financial Impact: Analysis of the financial implications of the sale, when materially significant
6. Regulatory Compliance: Include when specific regulatory approvals or notifications are required
1. Property Title Details: Copy of the current property title and registered interests
2. Valuation Report: Professional valuation report(s) supporting the sale price
3. Sale Contract: Draft or final version of the property sale contract
4. Company Extract: Current ASIC company extract showing director details
5. Power of Attorney: If specific powers are delegated to execute the sale
6. Meeting Notes: Any relevant board meeting minutes or notes discussing the sale
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Retail
Industrial
Manufacturing
Healthcare
Education
Hospitality
Financial Services
Mining
Agriculture
Technology
Professional Services
Relevant Teams
Legal
Corporate Secretariat
Board of Directors
Executive Leadership
Corporate Governance
Compliance
Property Management
Real Estate
Risk Management
Finance
Relevant Roles
Board Director
Company Secretary
Chief Executive Officer
Chief Financial Officer
Corporate Counsel
Legal Counsel
Property Manager
Real Estate Manager
Compliance Officer
Corporate Governance Manager
Risk Manager
Company Director
Managing Director
Executive Director
General Counsel
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