A Board Resolution For Sale of Company is a crucial corporate document required under UAE law when a company is being sold or transferred to new ownership. This document is essential for demonstrating proper corporate governance and compliance with UAE Commercial Companies Law (Federal Decree-Law No. 32 of 2021) and other relevant regulations. It is used to formally record the board's approval of the sale, specify the transaction terms, and delegate authority to specific individuals to execute the sale. The resolution must be properly documented and maintained in the company's records, often requiring submission to various authorities including the Department of Economic Development, free zone authorities (if applicable), and other relevant regulatory bodies. It serves as a key document in the chain of corporate approvals and is often required by purchasers, banks, and regulatory authorities as evidence of proper authorization of the transaction.
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1. Title and Date: Formal title of the resolution and date of the board meeting
2. Company Details: Full legal name, registration number, and registered address of the company
3. Attendance and Quorum: List of board members present and confirmation of meeting quorum requirements
4. Background: Brief context of the proposed sale and reason for the board's consideration
5. Key Transaction Terms: Essential details of the proposed sale including price, payment terms, and basic structure
6. Board Declarations: Declarations regarding board members' interests and confirmation of acting in company's best interests
7. Principal Resolutions: The main decisions being approved by the board regarding the sale
8. Authorization: Specific powers granted to officers/representatives to execute the sale
9. Certification: Formal certification of the resolution's validity by authorized signatories
1. Recital of Previous Resolutions: Reference to previous board resolutions if this is a continuation of prior decisions
2. Conditions Precedent: Include if there are specific conditions that must be met before the sale can proceed
3. Risk Considerations: Include if there are significant risks that the board has specifically considered
4. Employee Matters: Include if there are specific decisions regarding employees as part of the sale
5. Regulatory Approvals: Include if specific regulatory approvals are required for the sale
6. Post-Completion Matters: Include if there are specific actions required after the sale completion
1. Schedule 1 - Sale Terms Summary: Detailed summary of the key terms of the sale agreement
2. Schedule 2 - Company Information: Detailed company information including share capital, shareholders, and corporate structure
3. Schedule 3 - Authorized Signatories: List of persons authorized to execute documents and their specific powers
4. Appendix A - Board Meeting Attendance Record: Detailed record of board members' attendance and voting
5. Appendix B - Related Documents: List of key transaction documents referenced in the resolution
6. Appendix C - Power of Attorney: If required, specific powers of attorney granted for the transaction
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Technology
Real Estate
Retail
Healthcare
Financial Services
Professional Services
Energy
Transportation
Hospitality
Construction
Education
Media and Entertainment
Telecommunications
Relevant Teams
Legal
Corporate Secretariat
Board of Directors
Executive Management
Finance
Compliance
Corporate Governance
Mergers and Acquisitions
Strategy
Risk Management
Relevant Roles
Chief Executive Officer
Managing Director
Board Member
Company Secretary
Chief Legal Officer
General Counsel
Corporate Lawyer
Chief Financial Officer
Finance Director
Compliance Officer
Corporate Governance Officer
Board Chairman
Executive Director
Chief Operating Officer
Transaction Manager
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