A Board Resolution For Sale of Property is a crucial corporate governance document required under South African law when a company intends to dispose of property assets. This document is necessary to demonstrate proper corporate authorization and compliance with the Companies Act 71 of 2008. It is typically used when a company needs to sell real estate assets and requires formal board approval for the transaction. The resolution must contain specific details about the property, the approved sale price, and designated signatories authorized to execute the sale documents. It forms part of the required documentation for property transfers in South Africa and is essential for the conveyancing process. The document serves as evidence of proper corporate decision-making and is often required by transfer attorneys, banks, and the Deeds Registry Office.
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1. Company Details: Full registered name of the company, registration number, and registered address
2. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
3. Directors Present: List of directors present at the meeting and those who submitted apologies
4. Property Description: Detailed description of the property being sold, including erf number, physical address, and title deed details
5. Resolution: The formal resolution stating the board's decision to sell the property, including the agreed sale price and basic terms
6. Authorization: Authorization of specific directors or officers to execute the sale agreement and related documents
7. Certification: Certification by the chairperson or company secretary that the resolution was duly passed
1. Conditions Precedent: Any conditions that must be met before the sale can proceed, used when specific requirements need to be fulfilled
2. Financial Considerations: Detailed breakdown of financial implications, used when the board needs to document specific financial aspects of the sale
3. Related Party Disclosures: Declarations of any conflicts of interest, used when the sale involves related parties
4. Use of Proceeds: Specification of how the sale proceeds will be used, included when required by company policy or for major transactions
1. Property Details Schedule: Detailed description of the property including boundaries, improvements, and title deed information
2. Financial Schedule: Breakdown of the sale price, payment terms, and any relevant financial calculations
3. Board Attendance Register: Signed attendance register of all directors present at the meeting
4. Supporting Documents: Copies of relevant documents such as property valuation reports or tax clearance certificates
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