A Board Resolution For Purchase Of Car By Company is a crucial corporate governance document used when a company needs to formally authorize the acquisition of a vehicle. This document is particularly important in the United States where corporate actions must be properly documented to maintain the corporate veil and ensure compliance with state corporate laws. The resolution typically specifies the type of vehicle, purchase price, financing arrangements, authorized signatories, and intended business use. It serves as official evidence of the board's approval and protects both the company and its officers in executing the purchase.
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1. Title and Date: Formal title of resolution and date of board meeting
2. Preamble: Company details and meeting information including quorum confirmation
3. Recitals: Background information explaining why the purchase is necessary and business justification
4. Resolution Statement: The formal decision to purchase the vehicle including specific details of the approved purchase
5. Authorization Details: Specific authorizations granted to officers/employees to execute the purchase
6. Signing Authority: Designation of authorized signatories for all related documentation
1. Financing Terms: Details of approved financing arrangements, including lender information and key terms
2. Insurance Requirements: Specific insurance coverage decisions and minimum coverage requirements
3. Usage Policy: Guidelines and restrictions for vehicle use and authorized drivers
1. Vehicle Specifications: Detailed description of the vehicle to be purchased including make, model, year, and features
2. Cost Analysis: Breakdown of purchase price, taxes, fees, and related expenses
3. Insurance Quote: Details of proposed insurance coverage and premium costs
Authority to Purchase
Purchase Price Approval
Funding Authorization
Signatory Authorization
Vehicle Specification
Insurance Requirements
Documentation Authority
Financial Terms
Use Authorization
Maintenance Requirements
Asset Recording
Execution Authority
Budget Allocation
Registration Authority
Corporate Purpose
Officer Empowerment
Compliance Requirements
Record Keeping
Asset Disposal Authority
Implementation Authority
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