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Board Resolution For Purchase Of Car By Company for United Arab Emirates

Board Resolution For Purchase Of Car By Company Template for United Arab Emirates

A Board Resolution for Purchase of Car by Company is a formal document under UAE corporate law that records the board of directors' decision to purchase a vehicle for company use. The document, governed by UAE Federal Law No. 32 of 2021 (Commercial Companies Law), authorizes specific company representatives to execute the purchase and includes detailed specifications of the vehicle, financial terms, and implementation instructions. It serves as official evidence of corporate approval and is required for vehicle registration with the UAE's Roads and Transport Authority (RTA) or relevant emirate transport authorities.

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What is a Board Resolution For Purchase Of Car By Company?

The Board Resolution For Purchase Of Car By Company is a crucial corporate document required under UAE law when a company intends to acquire a vehicle for business purposes. This resolution is mandated by UAE Federal Law No. 32 of 2021 and must comply with local transport authority regulations. It is typically used when companies need to document board approval for vehicle purchases, whether for executive transportation, company fleet expansion, or operational requirements. The document includes specific details about the approved purchase, including vehicle specifications, budget allocation, authorized signatories, and implementation instructions. It serves multiple purposes: demonstrating corporate governance compliance, providing authorization for the transaction, and supporting vehicle registration with UAE authorities. The resolution is particularly important for audit trails and corporate record-keeping, and may also be required by banks, vehicle dealers, or regulatory authorities as proof of proper corporate authorization.

What sections should be included in a Board Resolution For Purchase Of Car By Company?

1. Title and Date: Formal title of the resolution and date of the board meeting

2. Company Details: Full legal name of the company, registration number, and registered address

3. Attendance and Quorum: List of board members present and confirmation of meeting quorum

4. Background: Brief context explaining the need for the vehicle purchase

5. Resolution Details: Specific details of the board's decision including vehicle details, purchase price, and authorization

6. Authorization: Specific powers granted to designated company representatives to execute the purchase

7. Financial Terms: Details of payment method and source of funds

8. Execution: Signature block for board members and company seal requirements

What sections are optional to include in a Board Resolution For Purchase Of Car By Company?

1. Financing Arrangements: Include when the purchase involves bank financing or lease arrangements

2. Insurance Requirements: Specific instructions regarding insurance arrangements for the vehicle

3. Usage Policy: Include when specific conditions or restrictions on vehicle usage need to be documented

4. Registration Instructions: Include when specific requirements for vehicle registration need to be detailed

5. Delegation of Additional Powers: Include when additional authorizations beyond the purchase are needed

What schedules should be included in a Board Resolution For Purchase Of Car By Company?

1. Schedule 1 - Vehicle Specifications: Detailed description of the vehicle including make, model, year, color, and specifications

2. Schedule 2 - Purchase Price Breakdown: Detailed breakdown of costs including purchase price, registration fees, and other charges

3. Schedule 3 - Authorized Signatories: List of authorized persons with their designation and scope of authority

4. Appendix A - Supporting Documents: Copies of relevant documents such as vehicle quotation, insurance quotes, or financing offers

Authors

Alex Denne

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

Publisher

Ƶ

Document Type

Board Resolution

Cost

Free to use
Relevant legal definitions



















Clauses


















Relevant Industries

Transportation & Logistics

Construction

Real Estate

Manufacturing

Professional Services

Retail

Healthcare

Hospitality

Education

Energy & Utilities

Technology

Consulting

Relevant Teams

Legal

Finance

Administration

Operations

Procurement

Corporate Services

Fleet Management

Compliance

Company Secretariat

Relevant Roles

Chief Executive Officer

Managing Director

Board Member

Company Secretary

Chief Financial Officer

Fleet Manager

Operations Director

Administrative Manager

Legal Counsel

Procurement Manager

Finance Director

Corporate Services Manager

Industries






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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