A Board Resolution Approving Budget is a crucial corporate governance document required under Singapore law to formalize the board's approval of financial planning and resource allocation. It demonstrates compliance with directors' duties under the Companies Act (Cap. 50) and provides official authorization for expenditure. This document is typically used annually or when significant budget revisions are needed, containing detailed financial allocations, implementation authority, and any specific conditions or restrictions. The resolution serves as evidence of proper corporate governance and protects both the company and its directors in their exercise of financial oversight.
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1. Title and Date: Formal identification of the resolution and date of passing
2. Company Details: Company name, registration number, and registered address
3. Preamble: Statement confirming proper notice and quorum requirements
4. Background: Context for the budget approval and financial period covered
5. Resolution Statement: Formal approval of the budget with specific amounts and allocations
6. Authentication: Signatures of chairman and/or company secretary
1. Special Considerations: Additional notes on specific budget items or conditions, used when there are unusual circumstances
2. Delegation of Authority: Powers granted for budget implementation, used when specific authority needs to be delegated
3. Risk Assessment: Analysis of financial risks, used for significant expenditures or investments
1. Detailed Budget Breakdown: Itemized budget allocations by department or category
2. Financial Projections: Revenue and expense forecasts for the budgeted period
3. Supporting Documents: Any relevant financial statements or analysis supporting the budget
4. Meeting Minutes Extract: Relevant excerpts from board meeting where budget was discussed
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