A Board Resolution For Lease Agreement is a crucial corporate governance document required when a company in India intends to lease property for its business operations. This document is necessary to comply with the Companies Act, 2013, and demonstrates proper corporate authorization for the lease transaction. It is typically used when a company needs to establish new offices, warehouses, or other facilities through a lease arrangement. The resolution must be passed in a valid board meeting and should detail the property specifications, lease terms, and authorized signatories. It serves multiple purposes: satisfying statutory requirements, providing authorization to designated officials, and creating a clear record of the board's approval. The document is particularly important for demonstrating to landlords, banks, and regulatory authorities that the lease transaction has received proper corporate approval.
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1. Title and Meeting Details: Specifies the type of resolution, company name, meeting date, time, venue, and quorum details
2. Directors Present: List of directors attending the meeting, including chairman details
3. Background: Context for the lease requirement, business purpose, and brief description of the property
4. Property Details: Specific details of the premises to be leased including address, area, and basic terms
5. Main Resolution: The core resolution text approving the lease agreement and its key terms
6. Authorization: Specific powers granted to designated persons to negotiate, finalize and execute the lease agreement
7. Certification: Chairman's or Company Secretary's certification of the resolution
1. Leave of Absence: Include when any directors have formally requested to be excused from the meeting
2. Previous Resolution Reference: Include when this resolution modifies or relates to a previous board resolution
3. Disclosure of Interest: Include when any director has a personal interest in the lease transaction
4. Statutory Compliance Statement: Include when specific regulatory compliance needs to be highlighted
5. Budget Approval: Include when the lease requires significant financial commitment needing separate budget approval
1. Property Details Schedule: Detailed description of the property including exact measurements, boundaries, and facilities
2. Financial Terms Schedule: Detailed breakdown of rent, security deposit, maintenance charges, and other financial terms
3. Authorized Signatory List: List of persons authorized to execute documents with specimen signatures
4. Supporting Documents: List of relevant documents like property ownership proof, draft lease agreement, etc.
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Information Technology
Manufacturing
Healthcare
Banking and Financial Services
Hospitality
Education
Logistics and Warehousing
Professional Services
Relevant Teams
Legal
Corporate Secretarial
Facilities
Finance
Compliance
Operations
Administration
Real Estate
Property Management
Corporate Affairs
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Legal Counsel
Facilities Manager
Real Estate Manager
Corporate Secretary
Compliance Officer
Operations Director
Administrative Director
Property Manager
Board Director
Managing Director
Finance Director
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