A Board Resolution For Sale of Car is required when a Singapore-registered company wishes to dispose of a company-owned vehicle. This document demonstrates proper corporate governance and compliance with the Companies Act by documenting the board's formal approval of the sale. The resolution typically includes vehicle details, sale price, buyer information, and designated signatories for the transaction. It's essential for LTA vehicle transfer procedures and provides protection for all parties by ensuring proper authorization of the sale.
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1. Title and Date: Specifies the company name and date of resolution
2. Presence of Quorum: Confirms required number of directors present for valid meeting
3. Chairperson: Identifies who chaired the meeting
4. Vehicle Details: Complete description of the vehicle including make, model, registration number, chassis number and other identifying details
5. Sale Terms: Price and key terms of the sale including payment terms
6. Authorization: Board's approval and designation of authorized signatories for sale documentation
1. Valuation Report Reference: To be included when an independent valuation was conducted to determine fair market value
2. Related Party Disclosure: Required when the buyer is related to the company or its directors
3. Special Conditions: Any unique terms or conditions specific to this sale
1. Vehicle Registration Card: Copy of current vehicle registration details from LTA
2. Valuation Report: Independent valuation report if obtained
3. Transfer Forms: Required LTA transfer documentation and forms
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