A Board Resolution For Disposal Of Assets is a crucial corporate governance document used in the Philippines when a company needs to formally authorize the sale, transfer, or disposal of its assets. This document is required under the Revised Corporation Code of the Philippines and becomes necessary when disposing of significant company assets, whether through sale, donation, write-off, or other means of disposal. The resolution typically includes specific details about the assets, their current value, the approved method of disposal, and designates authorized persons to execute the disposal. It serves as protection for the company and its officers by demonstrating proper corporate governance and compliance with Philippine law. The resolution is particularly important for audit trails, regulatory compliance, and maintaining transparent corporate records.
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1. Title and Date: Formal title of the resolution and date of the board meeting
2. Attendance and Quorum: List of board members present and confirmation of quorum requirements being met
3. Preamble: Company details including complete legal name, registration number, and registered address
4. Recitals: Background information explaining the context and reasons for the asset disposal
5. Asset Description: Detailed description of the assets to be disposed of, including identification numbers, locations, and current value
6. Terms of Disposal: Specific terms and conditions of the disposal, including method of disposal and minimum acceptable price if applicable
7. Authority: Express authorization for specific officers to execute the disposal and related documents
8. Certification: Secretary's certification of the resolution's authenticity and its approval by the board
1. Regulatory Compliance: Required when disposal needs specific regulatory approvals or notifications
2. Environmental Considerations: Needed when disposing of assets with environmental implications
3. Tax Implications: Include when specific tax considerations need to be acknowledged
4. Competition Law Compliance: Required for large-scale disposals that might have competition law implications
5. Special Conditions: Any specific conditions or restrictions on the disposal
6. Conflict of Interest Declarations: Required when any director has a potential conflict of interest in the disposal
1. Schedule A - Asset Inventory: Detailed inventory list of all assets to be disposed, including specifications and conditions
2. Schedule B - Valuation Report: Independent valuation report of the assets (if applicable)
3. Schedule C - Method of Disposal: Detailed procedure for disposal (e.g., auction, private sale, etc.)
4. Appendix 1 - Supporting Documents: Relevant supporting documents such as property titles or registration certificates
5. Appendix 2 - Compliance Certificates: Copies of relevant regulatory or compliance certificates
6. Appendix 3 - Board Meeting Minutes Extract: Extract of the relevant portions of the board meeting minutes
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