Board Resolution Accepting Resignation Of Director for Singapore

Board Resolution Accepting Resignation Of Director Template for Singapore

A Board Resolution Accepting Resignation of Director is a formal document under Singapore law that records the board's acceptance of a director's resignation. It serves as an official record of the change in directorship and forms part of the company's statutory records. The resolution must comply with the Companies Act (Cap. 50) and requires filing with ACRA within 14 days of the effective date of resignation.

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What is a Board Resolution Accepting Resignation Of Director?

A Board Resolution Accepting Resignation Of Director is required when a director steps down from their position in a Singapore company. This document is essential for corporate governance and statutory compliance, serving as official evidence of the board's acceptance of the resignation. It must include specific details such as the effective date of resignation, meeting particulars, and confirmation of quorum. The resolution triggers various regulatory obligations, including mandatory filing with ACRA within 14 days. It forms part of the company's permanent records and may be required by various stakeholders including banks, auditors, and regulatory authorities.

What sections should be included in a Board Resolution Accepting Resignation Of Director?

1. Meeting Details: Date, time, location, and attendance details of the board meeting

2. Quorum Confirmation: Statement confirming that required quorum was present as per Company Constitution

3. Resignation Notice Reference: Details of the resignation letter received from the director including date of receipt

4. Resolution Statement: Formal acceptance of the resignation and acknowledgment of Companies Act requirements

5. Effective Date: Specification of when the resignation takes effect and ACRA filing deadline

What sections are optional to include in a Board Resolution Accepting Resignation Of Director?

1. Appreciation Statement: Expression of gratitude for director's service, used when parting is amicable

2. Handover Arrangements: Details of transition arrangements, used when director had specific responsibilities

3. Continuing Obligations: Reference to ongoing confidentiality or non-compete obligations, if applicable

What schedules should be included in a Board Resolution Accepting Resignation Of Director?

1. Resignation Letter: Copy of the original resignation letter from the director

2. Director Details: Information required for ACRA filing purposes including ID/passport numbers and resignation date

3. Handover Checklist: List of items and responsibilities to be transferred, corporate accounts to be updated

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Board Resolution

Cost

Free to use
Industries

Companies Act (Cap. 50): Primary legislation governing company matters in Singapore, particularly Sections 145 (Resignation of directors), 171 (Register of directors), and 173 (Notice of change of directors)

Company Constitution: Company's governing document that outlines requirements for director resignations, procedures for board meetings and resolutions, and quorum requirements

Code of Corporate Governance: Corporate governance requirements applicable to listed companies in Singapore, providing guidelines on director-related matters

SGX Listing Rules: Additional requirements for listed companies on the Singapore Exchange, including disclosure obligations for director resignations

ACRA Filing Requirements: Regulatory filing requirements including Form DP1 (Cessation of Director) which must be submitted within 14 days of the resignation

Notice Period Requirements: Specific notice period requirements as per company constitution or director's service agreement

Handover Procedures: Process for transferring responsibilities, documents, and ongoing projects from the resigning director

Outstanding Obligations: Review and documentation of any pending responsibilities or obligations of the resigning director

Corporate Authorizations: Process for removing resigning director from bank signatory lists and other corporate authorizations

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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