A Board Resolution Approving Lease Agreement is a crucial corporate governance document required when a company in Hong Kong intends to enter into a significant lease arrangement. It is typically used when the lease terms exceed certain thresholds specified in the company's articles of association or when board approval is otherwise required for property commitments. The resolution must comply with Hong Kong's Companies Ordinance and demonstrate proper corporate governance procedures, including confirming proper notice, quorum, and voting requirements. This document is essential for proving to landlords, banks, and other stakeholders that the company has properly authorized the lease transaction and that the signatories have the necessary authority to execute the lease documents. The resolution should clearly record the board's review of key lease terms, any specific conditions of approval, and explicit authorization for designated individuals to execute the lease and related documents.
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1. Header and Date: Company name, date, time, and location of the board meeting
2. Attendance: List of directors present and absent, confirmation of quorum
3. Background: Brief context about the proposed lease agreement and why it requires board approval
4. Confirmation of Interest Declarations: Statement confirming whether any directors have declared interests in the transaction
5. Review of Lease Terms: Summary of key terms of the lease agreement that the board has reviewed
6. Resolution: The formal resolution text approving the lease agreement
7. Authorization: Specific authorization for designated persons to execute the lease and related documents
8. Closure: Formal closing of the resolution with chairman's signature and date
1. Prior Resolutions: Reference to any previous board resolutions relevant to this lease, used when the lease approval is connected to earlier board decisions
2. Specific Conditions: Any conditions the board places on the approval, included when the board's approval is subject to certain requirements being met
3. Related Party Transaction Details: Additional details if the lease involves a related party, required for compliance with corporate governance requirements
4. Dissenting Opinions: Record of any dissenting votes or opinions, included when there isn't unanimous approval
5. Budget Impact Statement: Financial impact analysis of the lease, included for material lease commitments
1. Schedule A - Lease Agreement Summary: Summary of key terms of the lease agreement being approved
2. Schedule B - Authorized Signatories: List of persons authorized to execute the lease and related documents
3. Appendix 1 - Meeting Notice: Copy of the board meeting notice where the lease was approved
4. Appendix 2 - Supporting Documents: Key supporting documents referenced in the resolution (e.g., property valuation, legal review)
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Corporate Services
Retail
Financial Services
Technology
Manufacturing
Professional Services
Healthcare
Education
Hospitality
Logistics
Industrial
Relevant Teams
Legal
Corporate Secretariat
Compliance
Finance
Real Estate
Facilities Management
Corporate Governance
Risk Management
Operations
Administration
Relevant Roles
Director
Chief Executive Officer
Company Secretary
Chief Financial Officer
Chief Operating Officer
General Counsel
Legal Counsel
Corporate Governance Officer
Compliance Officer
Real Estate Manager
Facilities Manager
Property Manager
Corporate Secretary
Board Chairman
Managing Director
Executive Director
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