A Board Resolution For Purchase Of Car By Company is a formal corporate document required under Hong Kong law when a company intends to acquire a vehicle as a corporate asset. This document is essential for demonstrating proper corporate governance and compliance with the Hong Kong Companies Ordinance. It should be used whenever a company plans to purchase a vehicle, as it provides documentary evidence of proper authorization and decision-making at the board level. The resolution typically includes details about the approved vehicle purchase, budget allocation, authorized signatories, and any specific conditions or requirements set by the board. It serves multiple purposes: as an internal record of the board's decision, as evidence of authority for external parties, and as supporting documentation for regulatory compliance and corporate record-keeping.
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1. Company Information: Legal name of the company, company registration number, and registered office address
2. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
3. Present Directors: List of directors present at the meeting and those absent
4. Chairperson: Identification of the meeting's chairperson
5. Purpose: Brief statement of the purpose of the resolution (purchase of company car)
6. Resolutions: Clear statement of the board's decisions, including approval of car purchase, budget allocation, and authorized persons
7. Authorization: Specific powers granted to designated persons to execute the purchase
8. Certification: Statement certifying that the resolution was duly passed, with signature blocks for chairman and/or company secretary
1. Financing Details: Include when the purchase involves financing or lease arrangements
2. Insurance Requirements: Specific insurance requirements and authorized coverage levels when predetermined by the board
3. Usage Policy: Include when the board is simultaneously approving specific usage policies for the vehicle
4. Environmental Considerations: Include when the board is specifically considering environmental factors in the vehicle selection
5. Prior Discussions: Reference to any previous board discussions or preliminary approvals when applicable
1. Vehicle Specifications: Detailed description of the approved vehicle type, model, and specifications
2. Budget Breakdown: Detailed breakdown of the approved budget including purchase price, insurance, and other related costs
3. Authorized Signatories: List of persons authorized to execute documents related to the purchase
4. Required Documentation: List of documents required for the purchase and registration of the vehicle
Relevant legal definitions
Company
Board
Directors
Resolution
Vehicle
Purchase Price
Authorized Representatives
Vendor
Registration Documents
Company Secretary
Chairperson
Meeting
Signing Authority
Purchase Agreement
Insurance Requirements
Corporate Seal
Financing Documents
Vehicle Specifications
Approved Budget
Required Approvals
Board
Directors
Resolution
Vehicle
Purchase Price
Authorized Representatives
Vendor
Registration Documents
Company Secretary
Chairperson
Meeting
Signing Authority
Purchase Agreement
Insurance Requirements
Corporate Seal
Financing Documents
Vehicle Specifications
Approved Budget
Required Approvals
Clauses
Relevant Industries
Transportation
Corporate Services
Manufacturing
Retail
Professional Services
Construction
Logistics
Healthcare
Education
Real Estate
Hospitality
Financial Services
Relevant Teams
Board
Corporate Secretariat
Finance
Administration
Operations
Legal
Compliance
Procurement
Risk Management
Corporate Services
Relevant Roles
Chief Executive Officer
Managing Director
Board Director
Company Secretary
Chief Financial Officer
Finance Director
Fleet Manager
Administrative Manager
Operations Director
Compliance Officer
Legal Counsel
Corporate Services Manager
Procurement Manager
Risk Manager
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