A Board Resolution For Cancellation Of Shares is a crucial corporate document used in the United Arab Emirates when a company needs to formally cancel issued shares. This may occur following a share buy-back program, capital reduction, or other corporate restructuring initiatives. The document must comply with UAE Federal Law No. 32 of 2021 (Commercial Companies Law) and, where applicable, additional regulations from the Securities and Commodities Authority or relevant free zone authorities. The resolution includes essential details such as the number and class of shares being cancelled, impact on share capital, and necessary regulatory approvals. It serves as the primary instrument authorizing company officers to proceed with the cancellation process and forms part of the company's permanent corporate records.
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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 directors present and confirmation of meeting quorum requirements
4. Background: Context and reasons for the share cancellation, including reference to relevant board discussions or shareholder approvals
5. Statutory References: Reference to relevant provisions of UAE Companies Law and company's Articles of Association
6. Resolution Details: Specific details of shares to be cancelled, including number, class, and nominal value
7. Financial Impact: Statement on the effect on company's share capital and confirmation of compliance with minimum capital requirements
8. Implementation Authority: Authorization for specific officers to execute necessary documents and file with relevant authorities
9. Closing: Signatures of Chairman and Company Secretary, date of execution
1. Shareholder Approval Reference: Required if prior shareholder approval has been obtained through general assembly
2. Regulatory Compliance: Required for listed companies to address SCA requirements
3. Free Zone Authority Requirements: Required for free zone companies to address specific free zone regulations
4. Share Buy-back Details: Required if the cancellation follows a share buy-back program
5. Capital Reduction Procedure: Required if the cancellation results in reduction of share capital
1. Schedule 1 - Share Details: Detailed breakdown of shares to be cancelled, including share certificate numbers and shareholder information
2. Schedule 2 - Board Meeting Minutes: Extract of board meeting minutes approving the share cancellation
3. Schedule 3 - Shareholder Resolution: Copy of shareholder resolution approving the cancellation (if applicable)
4. Schedule 4 - Financial Statement Impact: Statement from auditor or financial officer regarding impact on company's financial statements
5. Appendix A - Required Forms: Regulatory forms required for filing with UAE authorities
Relevant legal definitions
Articles of Association
Board
Board Meeting
Capital Reduction
Chairman
Companies Law
Company
Company Secretary
Department of Economic Development
Directors
Effective Date
General Assembly
Meeting
Members
Nominal Value
Ordinary Shares
Paid-up Capital
Register of Members
Regulatory Authority
Resolution
SCA
Securities
Share Certificates
Share Capital
Shareholders
Shares
Trade License
UAE
Board
Board Meeting
Capital Reduction
Chairman
Companies Law
Company
Company Secretary
Department of Economic Development
Directors
Effective Date
General Assembly
Meeting
Members
Nominal Value
Ordinary Shares
Paid-up Capital
Register of Members
Regulatory Authority
Resolution
SCA
Securities
Share Certificates
Share Capital
Shareholders
Shares
Trade License
UAE
Clauses
Authority and Powers
Share Identification
Capital Reduction
Regulatory Compliance
Implementation Authority
Registration Requirements
Financial Impact
Director Declarations
Shareholder Rights
Document Execution
Legal Compliance
Procedural Requirements
Record Keeping
Notice Requirements
Authorization Scope
Filing Requirements
Share Identification
Capital Reduction
Regulatory Compliance
Implementation Authority
Registration Requirements
Financial Impact
Director Declarations
Shareholder Rights
Document Execution
Legal Compliance
Procedural Requirements
Record Keeping
Notice Requirements
Authorization Scope
Filing Requirements
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Technology
Retail
Healthcare
Energy
Transportation and Logistics
Professional Services
Construction
Telecommunications
Hospitality
Relevant Teams
Legal
Finance
Corporate Secretariat
Compliance
Risk Management
Corporate Governance
Investor Relations
Executive Office
Administrative
Relevant Roles
Chief Executive Officer
Company Secretary
Chief Financial Officer
Legal Counsel
Corporate Governance Officer
Board Director
Compliance Officer
Finance Director
Managing Director
Corporate Secretary
Investor Relations Manager
Risk Management Officer
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