Legal Templates
Corporate Resolution To Sell Assets

Corporate Resolution To Sell Assets for Singapore

Corporate Resolution To Sell Assets Template for Singapore

A Corporate Resolution to Sell Assets is a formal document under Singapore law that records a company's board of directors' decision to sell specified company assets. It complies with the Companies Act (Cap. 50) and other relevant Singapore legislation, providing official authorization for the sale and detailing the terms, conditions, and authorized representatives for executing the transaction. The document serves as official evidence of the board's approval and protects the company's interests in asset disposal transactions.

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What is a Corporate Resolution To Sell Assets?

A Corporate Resolution To Sell Assets is a crucial governance document required under Singapore corporate law when a company intends to dispose of significant assets. It demonstrates compliance with internal corporate procedures and the Companies Act (Cap. 50), while providing clear authorization for the transaction. The document typically includes details of the assets being sold, the approved sale terms, designated signatories, and any specific conditions. It's particularly important for major transactions, regulatory compliance, and maintaining proper corporate records in Singapore's highly regulated business environment.

What sections should be included in a Corporate Resolution To Sell Assets?

1. Title and Date: Corporate identification and date of resolution

2. Preamble: Company details and meeting information

3. Recitals: Background and context for the asset sale

4. Resolution Statement: Formal declaration of the board's decision

5. Asset Description: Detailed description of assets to be sold

6. Authorization: Powers granted to execute the sale

7. Certification: Secretary/Director's certification of the resolution

What sections are optional to include in a Corporate Resolution To Sell Assets?

1. Consideration Details: Specific terms of payment when relevant for transactions requiring explicit price approval

2. Regulatory Compliance: Specific regulatory requirements and approvals needed for the asset sale

3. Conditions Precedent: Conditions that must be met before sale completion for complex transactions

What schedules should be included in a Corporate Resolution To Sell Assets?

1. Schedule A - Asset List: Detailed inventory of assets being sold

2. Schedule B - Valuation Report: Independent valuation of assets when required

3. Schedule C - Transaction Documents: List of related agreements and documents

4. Appendix 1 - Board Meeting Minutes: Minutes recording the resolution passage

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

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Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Board Resolution

Sector

Corporate Governance

Cost

Free to use
Industries

Companies Act (Cap. 50): Primary legislation governing corporate actions, including requirements for corporate resolutions, directors' duties, corporate decision-making procedures, and regulations for asset disposal

Securities and Futures Act (Cap. 289): Regulates transactions involving securities and financial instruments, including disclosure requirements for listed companies when selling assets

Competition Act (Cap. 50B): Governs merger control requirements and anti-competitive concerns in significant asset sales that could impact market competition

Stamp Duties Act (Cap. 312): Covers stamp duty obligations and tax implications related to asset transfers, particularly for property transactions

Income Tax Act (Cap. 134): Addresses tax implications and capital gains considerations arising from asset disposals

Land Titles Act (Cap. 157): Specific legislation governing real estate assets and property transfers

Planning Act (Cap. 232): Regulates development and use of land and buildings in asset transfers involving real estate

SGX Listing Rules: Corporate governance requirements for listed companies, including obligations for asset sales and disclosure

Personal Data Protection Act 2012: Governs the transfer of assets containing personal data or customer information

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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