A Board Resolution For Sale of Property is a crucial corporate document required under Indian law when a company intends to sell its immovable property. This document is mandated by the Companies Act 2013 and must comply with various property laws and regulations in India. It is used to formally record the board's decision to sell specific property, including details such as the property description, sale consideration, payment terms, and authorized signatories. The resolution is essential for demonstrating proper corporate authorization to external parties, including property registrars, banks, and the buyer. It forms part of the company's statutory records and may require filing with the Registrar of Companies in certain cases, particularly for significant transactions.
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1. Title and Date: Specifies the company name, meeting type (Board Meeting), date, time, and venue of the meeting
2. Attendance and Quorum: Lists directors present, confirms quorum requirements are met as per Articles of Association
3. Chairman: Records who chaired the meeting
4. Background: Explains the context and reason for selling the property, including business rationale
5. Property Details: Comprehensive description of the property being sold, including location and title details
6. Sale Consideration: States the agreed sale price and payment terms
7. Authorization: Specific authorization to sell the property and execute necessary documents
8. Authorized Signatories: Names and designations of persons authorized to execute documents
9. Certification: Company Secretary's or Director's certification of the resolution
1. Leave of Absence: Required when any directors have requested to be excused from the meeting
2. Previous Resolution Reference: Include when the sale is pursuant to or connected with any previous board decisions
3. Statutory Compliance Declaration: Include when specific regulatory approvals or compliances need to be documented
4. Interested Directors: Required when any directors have a personal interest in the transaction
5. Bank Account Details: Include when specifying account details for receiving sale proceeds
6. Valuation Reference: Include when referring to professional valuation reports
7. Shareholder Approval: Required when the transaction size necessitates shareholder approval under Companies Act
1. Property Description Schedule: Detailed legal description of the property including boundaries, measurements, and title details
2. Title Documents List: List of all title documents proving ownership and clean title
3. Encumbrance Certificate: Recent encumbrance certificate showing any charges or encumbrances
4. Valuation Report: Professional valuation report if obtained
5. Power of Attorney: Format of Power of Attorney to be executed in favor of authorized signatories
6. Company Registration Documents: Copies of company incorporation certificate, memorandum, articles of association
Relevant legal definitions
Company
Board of Directors
Property
Sale Deed
Authorized Representatives
Buyer
Companies Act
Articles of Association
Memorandum of Association
Transfer Deed
Sale Consideration
Encumbrance
Title Documents
Registrar of Companies
Sub-Registrar
Stamp Duty
Resolution
Applicable Laws
Business Day
Effective Date
Material Adverse Effect
Purchase Price
Meeting
Chairman
Director
Company Secretary
Property Documents
Board of Directors
Property
Sale Deed
Authorized Representatives
Buyer
Companies Act
Articles of Association
Memorandum of Association
Transfer Deed
Sale Consideration
Encumbrance
Title Documents
Registrar of Companies
Sub-Registrar
Stamp Duty
Resolution
Applicable Laws
Business Day
Effective Date
Material Adverse Effect
Purchase Price
Meeting
Chairman
Director
Company Secretary
Property Documents
Clauses
Meeting Details
Attendance and Quorum
Corporate Authority
Property Description
Sale Authorization
Consideration
Payment Terms
Execution Authority
Document Execution
Regulatory Compliance
Registration Requirements
Bank Account Details
Director Interest Declaration
Statutory Compliance
Asset Disposal
Signatory Authorization
Resolution Certification
Recording Secretary
Property Title
Encumbrance Declaration
Attendance and Quorum
Corporate Authority
Property Description
Sale Authorization
Consideration
Payment Terms
Execution Authority
Document Execution
Regulatory Compliance
Registration Requirements
Bank Account Details
Director Interest Declaration
Statutory Compliance
Asset Disposal
Signatory Authorization
Resolution Certification
Recording Secretary
Property Title
Encumbrance Declaration
Relevant Industries
Real Estate
Construction
Manufacturing
Retail
Hospitality
Healthcare
Information Technology
Banking and Financial Services
Industrial
Education
Infrastructure
Relevant Teams
Legal
Corporate Secretarial
Compliance
Finance
Real Estate
Corporate Affairs
Board Secretariat
Property Management
Asset Management
Corporate Governance
Relevant Roles
Chief Executive Officer
Managing Director
Company Secretary
Legal Counsel
Chief Financial Officer
Director of Real Estate
Property Manager
Compliance Officer
Corporate Secretary
Board Director
Real Estate Manager
Asset Manager
Corporate Governance Officer
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