Board Resolution For Purchase Of Car for Singapore

Board Resolution For Purchase Of Car Template for Singapore

A formal document under Singapore law that records the board of directors' decision to approve the purchase of a vehicle for company use. The resolution details the authorization granted, including purchase amount, vehicle specifications, and designated signatories. It must comply with the Companies Act requirements and includes considerations for COE, registration, and other regulatory requirements specific to Singapore's vehicle ownership regulations.

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What is a Board Resolution For Purchase Of Car?

A Board Resolution For Purchase of Car is a crucial corporate document required in Singapore when a company intends to acquire a vehicle. This resolution demonstrates proper corporate governance and provides clear authorization for the transaction. It must address unique Singapore requirements such as COE considerations, vehicle quota systems, and company registration requirements. The document serves as evidence of proper board approval and typically includes purchase details, authorized signatories, and compliance with the company's constitutional documents. It's particularly important for audit trails and corporate compliance in Singapore's highly regulated vehicle market.

What sections should be included in a Board Resolution For Purchase Of Car?

1. Title and Date: Identifies the document as a board resolution with date of meeting

2. Company Details: Full legal name and registration number of the company

3. Attendees: List of directors present at the meeting

4. Quorum Confirmation: Statement confirming meeting quorum requirements are met

5. Resolution Details: Specific details about the vehicle purchase approval

6. Financial Authorization: Approved purchase amount and payment terms

7. Execution Authority: Names and powers of persons authorized to execute purchase

What sections are optional to include in a Board Resolution For Purchase Of Car?

1. Vehicle Specifications: Detailed description of the vehicle, used when specific vehicle already identified

2. Financing Terms: Include when purchase involves loan or hire purchase arrangements

3. Insurance Requirements: Specific insurance requirements, if beyond statutory minimum

What schedules should be included in a Board Resolution For Purchase Of Car?

1. Vehicle Quotation: Detailed quotation from dealer including specifications and price

2. Financial Analysis: Cost-benefit analysis or financial justification for purchase

3. Delegation of Authority Matrix: Company's approval hierarchy and limits, if referenced

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 (Chapter 50): Primary legislation governing corporate actions including board resolution requirements, directors' duties, company powers for asset purchases, and documentation requirements

Road Traffic Act (Chapter 276): Regulates vehicle registration, ownership transfer, and Certificate of Entitlement (COE) system in Singapore

Motor Vehicles (Third-Party Risks and Compensation) Act: Covers mandatory insurance requirements and liability considerations for vehicle ownership

Goods and Services Tax Act: Governs GST implications for vehicle purchase and potential input tax claims

Corporate Governance Requirements: Encompasses compliance with company's constitution, internal approval processes, and disclosure requirements

Personal Data Protection Act 2012: Regulates the handling and protection of personal information in documentation

Stamp Duties Act: Covers applicable stamp duties for vehicle transfer and related transactions

Company's Memorandum and Articles of Association: Internal company constitution defining company powers and procedures for asset purchases

Financial Authority Limits: Internal company policies defining spending approval thresholds and authorization levels

Internal Procurement Policies: Company-specific procedures and requirements for asset purchases

Signing Authority Matrix: Internal documentation specifying who has authority to sign different types of documents and contracts

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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