A Corporate Resolution To Sell Assets is a crucial governance document required under Singapore corporate law when a company intends to dispose of significant assets. It demonstrates compliance with internal corporate procedures and the Companies Act (Cap. 50), while providing clear authorization for the transaction. The document typically includes details of the assets being sold, the approved sale terms, designated signatories, and any specific conditions. It's particularly important for major transactions, regulatory compliance, and maintaining proper corporate records in Singapore's highly regulated business environment.
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Corporate Resolution To Sell Assets
"Need a Corporate Resolution To Sell Assets for our Singapore-based manufacturing company to authorize the sale of our factory equipment and machinery to ABC Industries Pte Ltd, with completion scheduled for March 2025, valued at approximately SGD 5 million."
1. Title and Date: Corporate identification and date of resolution
2. Preamble: Company details and meeting information
3. Recitals: Background and context for the asset sale
4. Resolution Statement: Formal declaration of the board's decision
5. Asset Description: Detailed description of assets to be sold
6. Authorization: Powers granted to execute the sale
7. Certification: Secretary/Director's certification of the resolution
1. Consideration Details: Specific terms of payment when relevant for transactions requiring explicit price approval
2. Regulatory Compliance: Specific regulatory requirements and approvals needed for the asset sale
3. Conditions Precedent: Conditions that must be met before sale completion for complex transactions
1. Schedule A - Asset List: Detailed inventory of assets being sold
2. Schedule B - Valuation Report: Independent valuation of assets when required
3. Schedule C - Transaction Documents: List of related agreements and documents
4. Appendix 1 - Board Meeting Minutes: Minutes recording the resolution passage
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