A Board Resolution For Purchase Of Car By Company is a crucial corporate governance document required under Nigerian law when a company intends to acquire a vehicle for business purposes. This document is necessary to comply with the Companies and Allied Matters Act (CAMA) 2020 and demonstrates proper authorization of significant company expenditure. It should be used whenever a company plans to purchase a vehicle, whether for executive use, operational purposes, or company fleet expansion. The resolution typically includes meeting details, purchase justification, vehicle specifications, financial terms, and authorized signatories. It serves as both a record of the board's decision and a legal instrument for executing the purchase, protecting the company's interests and ensuring transparency in corporate asset acquisition.
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1. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
2. Attendance: List of directors present and absent, including chairman and secretary
3. Notice and Quorum: Confirmation that proper notice was given and quorum requirements were met
4. Purpose: Statement of the specific purpose - to approve the purchase of a company vehicle
5. Vehicle Details: Specific details of the proposed vehicle including make, model, year, and price
6. Business Justification: Explanation of why the vehicle purchase is necessary for business operations
7. Financial Consideration: Statement of the purchase price and confirmation that it's within company's budget
8. Authorization: Specific authorization for designated officer(s) to execute the purchase
9. Certification: Certification by the company secretary or chairman that the resolution was duly passed
1. Financing Terms: Include when the vehicle is being purchased through a loan or financing arrangement
2. Insurance Provisions: Specific insurance requirements and authorized insurers when company policy requires particular coverage
3. Usage Policy: Include when specific rules about vehicle usage need to be established as part of the purchase approval
4. Trade-in Details: Include when an existing company vehicle is being traded in as part of the purchase
5. Environmental Compliance: Include when the company has specific environmental policies affecting vehicle purchases
1. Vehicle Specification Sheet: Detailed technical specifications of the vehicle to be purchased
2. Price Quotation: Official quotation from the dealer or seller
3. Budget Approval: Financial document showing the approved budget allocation for the purchase
4. Comparative Analysis: If required, comparison of different vehicle options considered
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Construction
Logistics and Transportation
Real Estate
Professional Services
Healthcare
Retail
Energy and Mining
Agriculture
Technology
Financial Services
Consulting
Relevant Teams
Board of Directors
Legal
Finance
Procurement
Administration
Operations
Compliance
Fleet Management
Corporate Secretariat
Relevant Roles
Board Director
Company Secretary
Chief Executive Officer
Chief Financial Officer
Managing Director
Fleet Manager
Procurement Manager
Legal Counsel
Administrative Officer
Finance Director
Operations Director
Compliance Officer
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