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Board Resolution For Sale Of Company for United Arab Emirates

Board Resolution For Sale Of Company Template for United Arab Emirates

A formal board resolution document governed by UAE law that records and approves the sale of a company. This document serves as official evidence of the board's authorization for the sale transaction, outlining key terms, conditions, and delegated authorities. It must comply with UAE Commercial Companies Law and relevant corporate governance regulations, including specific requirements for board decision documentation and authorization processes. The resolution typically includes details of the transaction structure, consideration, and appointed representatives authorized to execute the sale.

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Board Resolution For Sale Of Company

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What is a Board Resolution For Sale Of Company?

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.

What sections should be included in a Board Resolution For Sale Of Company?

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

What sections are optional to include in a Board Resolution For Sale Of Company?

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

What schedules should be included in a Board Resolution For Sale Of Company?

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

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

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

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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