A Board Resolution For Rent Agreement is a crucial corporate governance document required in Nigeria when a company intends to lease property. This document demonstrates compliance with both the Companies and Allied Matters Act 2020 and relevant property laws in Nigeria. It serves as formal evidence that the decision to enter into a rental agreement has been properly authorized at the board level, protecting both the company and its officers. The resolution typically includes details about the property, authorized rental terms, designated signatories, and any specific conditions or limitations. It's particularly important for corporate record-keeping, legal compliance, and may be required by landlords or regulatory authorities as proof of proper authorization.
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1. Title and Date: Formal title of the resolution and date of the board meeting
2. Preamble: Introduction stating the company name, meeting details, and confirmation of quorum
3. Attendance: List of directors present and absent, confirmation of chairperson
4. Background: Context for the resolution, including business need for the rental premises
5. Property Details: Specific information about the rental property being considered
6. Financial Terms: Approved rental amount, payment terms, and other financial commitments
7. Authorization: Specific powers granted to designated officers to execute the rental agreement
8. Execution: Authorization for specific individuals to sign documents on behalf of the company
9. Certification: Statement certifying the resolution as true and accurate, typically signed by the Company Secretary
1. Security Deposit: Details of approved security deposit amount and terms, used when security deposit is required
2. Renovation Authority: Authorization for making alterations or improvements to the rental property, included when modifications are planned
3. Sub-letting Rights: Authorization regarding sub-letting rights, included when sub-letting might be considered
4. Insurance Requirements: Specific insurance requirements and authorizations, included when insurance decisions are part of the board approval
5. Special Conditions: Any special conditions or requirements specific to the rental arrangement, included when there are unique circumstances
1. Property Description Schedule: Detailed description of the rental property including address, dimensions, and facilities
2. Financial Terms Schedule: Detailed breakdown of all financial commitments including rent, deposits, and other charges
3. Authorized Signatories List: List of persons authorized to execute documents with specimen signatures
4. Board Meeting Minutes Extract: Relevant extract from the board meeting minutes where the resolution was passed
5. Property Documents: Copies of property documentation provided by landlord for reference
Relevant legal definitions
Company
Board
Directors
Property
Lease Agreement
Landlord
Authorized Signatories
Premises
Term
Rental Amount
Security Deposit
Commencement Date
Resolution
Meeting
Quorum
Chairman
Company Secretary
Corporate Seal
Board Minutes
Lease Term
Common Areas
Service Charges
Permitted Use
Business Day
Applicable Law
Material Terms
Execution Date
Effective Date
Board
Directors
Property
Lease Agreement
Landlord
Authorized Signatories
Premises
Term
Rental Amount
Security Deposit
Commencement Date
Resolution
Meeting
Quorum
Chairman
Company Secretary
Corporate Seal
Board Minutes
Lease Term
Common Areas
Service Charges
Permitted Use
Business Day
Applicable Law
Material Terms
Execution Date
Effective Date
Clauses
Recitals
Authority and Quorum
Meeting Details
Property Identification
Rental Terms Authorization
Financial Authorization
Signatory Authorization
Document Execution
Property Access and Use
Term and Duration
Security Deposit
Insurance Requirements
Maintenance and Repairs
Utilities and Services
Alterations and Improvements
Assignment and Subletting
Compliance with Laws
Board Approval
Certification
Seal Authorization
Authority and Quorum
Meeting Details
Property Identification
Rental Terms Authorization
Financial Authorization
Signatory Authorization
Document Execution
Property Access and Use
Term and Duration
Security Deposit
Insurance Requirements
Maintenance and Repairs
Utilities and Services
Alterations and Improvements
Assignment and Subletting
Compliance with Laws
Board Approval
Certification
Seal Authorization
Relevant Industries
Real Estate
Banking & Finance
Manufacturing
Retail
Technology
Healthcare
Education
Professional Services
Hospitality
Logistics
Energy
Telecommunications
Relevant Teams
Legal
Corporate Secretariat
Facilities Management
Finance
Operations
Administration
Compliance
Corporate Services
Real Estate
Relevant Roles
Chief Executive Officer
Managing Director
Company Secretary
Legal Counsel
Chief Financial Officer
Facilities Manager
Real Estate Manager
Operations Director
Administrative Manager
Compliance Officer
Property Manager
Board Director
Corporate Services Manager
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