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Board Resolution For Sale Of Car Template for Singapore

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Key Requirements PROMPT example:

Board Resolution For Sale Of Car

"I need a Board Resolution For Sale Of Car to authorize the sale of our company's Toyota Camry to a private buyer for $45,000, with the transfer to be completed by March 2025, and want to ensure our CFO and Company Secretary are named as authorized signatories."

Document background
A Board Resolution For Sale of Car is required when a Singapore-registered company wishes to dispose of a company-owned vehicle. This document demonstrates proper corporate governance and compliance with the Companies Act by documenting the board's formal approval of the sale. The resolution typically includes vehicle details, sale price, buyer information, and designated signatories for the transaction. It's essential for LTA vehicle transfer procedures and provides protection for all parties by ensuring proper authorization of the sale.
Suggested Sections

1. Title and Date: Specifies the company name and date of resolution

2. Presence of Quorum: Confirms required number of directors present for valid meeting

3. Chairperson: Identifies who chaired the meeting

4. Vehicle Details: Complete description of the vehicle including make, model, registration number, chassis number and other identifying details

5. Sale Terms: Price and key terms of the sale including payment terms

6. Authorization: Board's approval and designation of authorized signatories for sale documentation

Optional Sections

1. Valuation Report Reference: To be included when an independent valuation was conducted to determine fair market value

2. Related Party Disclosure: Required when the buyer is related to the company or its directors

3. Special Conditions: Any unique terms or conditions specific to this sale

Suggested Schedules

1. Vehicle Registration Card: Copy of current vehicle registration details from LTA

2. Valuation Report: Independent valuation report if obtained

3. Transfer Forms: Required LTA transfer documentation and forms

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions










Clauses










Industries

Companies Act (Chapter 50): Primary legislation governing corporate actions in Singapore, including requirements for board resolutions, directors' duties and authority, and corporate governance requirements

Road Traffic Act (Chapter 276): Legislation governing vehicle ownership, transfer requirements, registration and deregistration procedures, and regulatory compliance for vehicle transfers in Singapore

Sale of Goods Act (Chapter 393): Legal framework governing the sale of goods, transfer of title, and contractual obligations in Singapore

Singapore Motor Vehicles (Third-Party Risks and Compensation) Act: Legislation covering insurance requirements and liability considerations for motor vehicles in Singapore

Stamp Duties Act (Chapter 312): Legislation governing applicable stamp duties for vehicle transfer documents in Singapore

LTA Regulations: Land Transport Authority regulations governing vehicle ownership and transfers in Singapore

Company's Constitution: Internal governing document that may contain specific requirements for asset disposal and board resolutions

Company Asset Disposal Policy: Internal company policies regarding the procedure and requirements for disposing of company assets

Corporate Authorization Matrix: Internal document defining approval limits and authorities for various corporate actions including asset disposal

SGX Requirements: Additional requirements applicable to listed companies regarding asset disposal and corporate actions

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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