A Board Resolution For Cancellation of Shares is a crucial corporate document required under Hong Kong law when a company decides to cancel any portion of its issued shares. This document is typically used in scenarios such as share buy-backs, capital reduction exercises, or when dealing with forfeited shares. The resolution must comply with the Hong Kong Companies Ordinance (Cap. 622) and include specific details about the shares being cancelled, the basis for cancellation, and any consideration involved. It forms part of the company's official records and must be filed with the Hong Kong Companies Registry within the prescribed timeframe. The document should demonstrate compliance with relevant statutory requirements, company articles, and proper corporate governance procedures, including appropriate board approval and, where necessary, shareholder authorization.
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1. Company Information: Full legal name of the company, company number, and registered office address
2. Meeting Details: Date, time, and location of the board meeting
3. Present: List of directors present at the meeting and confirmation of quorum
4. Chairperson: Identification of the meeting's chairperson
5. Background: Context for the share cancellation, including reference to relevant company articles and statutory provisions
6. Declaration of Interests: Directors' declarations of any interests in the proposed share cancellation
7. Resolutions: Specific resolutions for the cancellation of shares, including number and class of shares, consideration (if any), and effective date
8. Filing Requirements: Instructions for filing necessary forms with the Companies Registry
9. Authorization: Authorization for company secretary or directors to execute all necessary documents
10. Closure: Formal closing of the meeting and signature of chairperson
1. Share Buy-back Details: Required when the cancellation is pursuant to a share buy-back, detailing the terms of the buy-back
2. Capital Reduction Statement: Required when the cancellation is part of a capital reduction, including solvency statement
3. Shareholder Approval Reference: Required if prior shareholder approval was obtained, referencing the relevant resolution
4. Financial Assessment: Optional section detailing the financial impact of the share cancellation
5. Legal Opinion Reference: Required if external legal opinion was obtained regarding the cancellation
1. Schedule 1 - Details of Shares to be Cancelled: Detailed list of shares to be cancelled, including share certificate numbers, distinctive numbers, and class of shares
2. Schedule 2 - Shareholder Information: Details of shareholders whose shares are being cancelled
3. Schedule 3 - Post-Cancellation Share Capital Structure: Overview of the company's share capital structure after the cancellation
4. Appendix A - Supporting Documents: Copies of relevant supporting documents such as share certificates, buy-back agreements, or shareholder approvals
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Company Secretary
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