A Board Resolution For Sale of Shares is a crucial corporate governance document required whenever a company intends to sell or transfer its shares. This document is particularly important in the United States, where it helps ensure compliance with both federal securities laws and state-specific corporate regulations. It serves multiple purposes: documenting the board's decision-making process, protecting director liability, and providing evidence of proper corporate authorization for the transaction. The resolution typically includes specific details about the share sale, including price, quantity, and buyer information, as well as any conditions or restrictions attached to the sale.
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1. Title and Date: Formal identification of the document and meeting date
2. Attendance Record: List of present directors and confirmation of quorum
3. Recitals: Background information and purpose of the share sale
4. Details of Share Sale: Specific terms including number of shares, price, and buyer details
5. Authorization: Formal board approval of the transaction
6. Signature Block: Authentication by authorized signatories
1. Regulatory Compliance: Special section required for public companies or regulated industries addressing specific regulatory requirements
2. Conditions Precedent: Section detailing any pre-completion requirements or conditions that must be met before the share sale
3. Delegation of Authority: Section authorizing specific individuals to execute documents and implement the resolution
1. Share Certificate Details: Copy or details of relevant share certificates being transferred
2. Valuation Report: Independent valuation report justifying the share price (if required)
3. Supporting Documents: Relevant agreements, third-party consents, and other supporting documentation
4. Legal Opinion: Legal opinion confirming compliance with applicable laws and regulations
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