Document background
The Board Resolution For Termination of Agreement is a crucial corporate governance document used in New Zealand when a company's board of directors decides to formally end an existing agreement or contract. This document is essential for compliance with the New Zealand Companies Act 1993 and demonstrates proper corporate governance practices. It should be used whenever the board needs to authorize the termination of significant agreements, ensuring that the decision is properly recorded and executed within the company's governance framework. The resolution typically includes meeting details, director attendance, background information about the agreement being terminated, formal resolutions, and authorization for specific officers to execute the termination. This document is particularly important for maintaining corporate records and protecting director liability by showing that proper procedures were followed in the decision-making process.
