A Board Resolution For Termination of Agreement is a crucial corporate governance document used in Malaysian business operations when a company needs to formally document its board's decision to end an existing contractual arrangement. This document type is essential for maintaining proper corporate records and ensuring compliance with the Companies Act 2016 and Malaysian corporate governance requirements. It's typically required when significant contracts need to be terminated, when strategic changes in business relationships occur, or when the company needs to exit from major agreements. The resolution includes critical elements such as the board's authority, details of the agreement being terminated, termination rationale, and authorization for implementation. It serves as both a internal record and external evidence of the board's decision-making process and authority.
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1. Title and Company Details: Full legal name of the company, company registration number, and date of the resolution
2. Preamble: Standard recital confirming the meeting was properly convened and quorum requirements were met
3. Background: Brief description of the agreement to be terminated, including date, parties, and purpose
4. Definitions: Key terms used in the resolution, including reference to the Agreement being terminated
5. Resolution Statement: The formal decision of the board to terminate the agreement, including specific termination date
6. Authorization: Empowerment of specific officers to execute necessary documents and take actions to effect the termination
7. Certification: Statement certifying that the resolution was duly passed and recorded
1. Notice Requirements: Include when specific notice requirements for termination need to be documented
2. Financial Implications: Include when there are significant financial consequences of termination that need board acknowledgment
3. Transition Arrangements: Include when specific transitional measures need to be implemented post-termination
4. Confidentiality Obligations: Include when there are specific confidentiality requirements that survive termination
5. Dispute Resolution: Include when there are existing or anticipated disputes related to the termination
1. Copy of Agreement: Attach the original agreement being terminated
2. Board Meeting Minutes: Extract of the relevant board meeting minutes where termination was discussed
3. Notice of Termination: Draft or copy of the formal termination notice to be sent
4. Director Attendance List: List of directors present and voting on the resolution
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Technology
Real Estate
Retail
Healthcare
Education
Professional Services
Construction
Energy
Telecommunications
Transportation
Agriculture
Mining
Relevant Teams
Legal
Corporate Secretariat
Compliance
Executive Leadership
Risk Management
Corporate Governance
Administrative
Contract Management
Relevant Roles
Board Director
Company Secretary
Chief Executive Officer
Managing Director
Legal Counsel
Corporate Secretary
Compliance Officer
Chief Legal Officer
Chief Operating Officer
Contract Manager
Corporate Governance Officer
Risk Management Officer
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