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Board Resolution For Disposal Of Assets for the United States

Board Resolution For Disposal Of Assets Template for United States

A Board Resolution for Disposal of Assets is a formal document under U.S. corporate law that records the board of directors' approval for the sale, transfer, or disposal of company assets. The resolution details the specific assets to be disposed of, the terms of disposal, and authorizes specific individuals to execute the transaction. It serves as official documentation of the board's decision-making process and compliance with corporate governance requirements.

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Board Resolution For Disposal Of Assets

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What is a Board Resolution For Disposal Of Assets?

A Board Resolution for Disposal of Assets is a crucial corporate governance document required when a company plans to sell, transfer, or otherwise dispose of significant assets. This document is particularly important in the United States where corporate actions must be properly documented to ensure compliance with state corporation laws, securities regulations, and fiduciary duties. The resolution typically includes details about the assets being disposed of, the rationale for disposal, terms of the transaction, and specific authorizations for executing officers. It serves as protection for both the company and its directors by demonstrating proper corporate authorization and decision-making processes.

What sections should be included in a Board Resolution For Disposal Of Assets?

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

2. Recitals: Background information and context for the asset disposal

3. Description of Assets: Detailed specification of assets to be disposed

4. Authorization: Formal board approval for the disposal

5. Terms of Disposal: Key terms including price, timing, and method of disposal

6. Authorized Signatories: Named individuals authorized to execute the disposal

What sections are optional to include in a Board Resolution For Disposal Of Assets?

1. Regulatory Compliance: Specific regulatory requirements, used when disposal requires regulatory approval

2. Employee Matters: Required when disposal affects employment

3. Environmental Provisions: Used when disposing of assets with environmental implications

4. Tax Considerations: Included when specific tax structuring is required

What schedules should be included in a Board Resolution For Disposal Of Assets?

1. Asset Schedule: Detailed inventory of assets being disposed

2. Valuation Report: Independent valuation of assets (if required)

3. Due Diligence Reports: Results of any due diligence investigations

4. Regulatory Approvals: Copies of obtained regulatory clearances

Authors

Alex Denne

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

Jurisdiction

United States

Document Type

Board Resolution

Cost

Free to use
Clauses
















Industries

Corporate Law: Including Delaware General Corporation Law (if Delaware corporation), state-specific corporation laws where the company is incorporated, and company's own bylaws and articles of incorporation

Securities Laws: For publicly traded companies: Securities Exchange Act of 1934, Sarbanes-Oxley Act of 2002, SEC regulations regarding material asset disposals, and Form 8-K filing requirements for material changes

Tax Laws: Internal Revenue Code sections related to asset disposal, state and local tax implications, and capital gains tax considerations

Environmental Laws: Environmental Protection Agency (EPA) regulations, state environmental regulations, and CERCLA (Superfund) obligations for applicable asset disposals

Employment Laws: Worker Adjustment and Retraining Notification (WARN) Act and state-specific employment laws if disposal affects employees

Antitrust Laws: Hart-Scott-Rodino Act for large transactions and Federal Trade Commission regulations

Uniform Commercial Code: Article 2 (Sale of Goods) and Article 9 (Secured Transactions) governing commercial transactions and secured interests

Industry-Specific Regulations: Additional regulations specific to the nature of assets and industry sector involved in the disposal

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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