A Board Resolution For Sale of Assets is essential when a company plans to sell significant assets requiring board approval under U.S. corporate law. This document is typically required for material transactions that fall outside ordinary business operations. It demonstrates proper corporate governance, protects director liability, and provides necessary authorization for officers to proceed with the sale. The resolution includes details about the assets, sale terms, and specific authorizations, serving as official documentation for stakeholders, regulators, and potential buyers.
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1. Title and Date: Formal identification of the resolution and date of adoption
2. Recitals: Background information explaining the purpose and context of the asset sale
3. Resolution Statement: Formal declaration of board's decision to approve the sale
4. Description of Assets: Detailed description of assets to be sold
5. Terms of Sale: Key terms including price, payment terms, and closing conditions
6. Authorization: Authorization of specific officers to execute the sale
1. Regulatory Approvals: Section detailing required regulatory clearances and compliance requirements for regulated industries or large transactions
2. Employee Matters: Section addressing the impact on employees and related considerations when the sale affects employment
3. Tax Considerations: Section outlining specific tax implications and structuring for complex transactions with significant tax impact
1. Asset Schedule: Detailed inventory and description of all assets being sold
2. Valuation Reports: Independent valuations of significant assets included in the sale
3. Due Diligence Reports: Summary of due diligence findings and material considerations
4. Certificate of Secretary: Certification of the resolution's authenticity and proper adoption
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