A Board Resolution For Sale Of Vehicle is a crucial corporate governance document required in Nigeria when a company intends to dispose of a vehicle from its assets. This document demonstrates proper authorization and decision-making in compliance with the Companies and Allied Matters Act (CAMA) 2020. It's typically used when companies need to sell vehicles due to fleet upgrades, asset optimization, or other business reasons. The resolution must include specific details about the vehicle, authorized sale price, designated signatories, and comply with both corporate law and vehicle transfer regulations. This document serves as evidence of proper corporate authorization for external parties and regulatory bodies, and forms part of the company's official records.
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1. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
2. Present Directors: List of directors present at the meeting and those absent
3. Chairperson: Identification of the meeting's chairperson
4. Background: Brief context about the company's ownership of the vehicle and reason for sale
5. Vehicle Details: Specific details identifying the vehicle (make, model, year, VIN, registration number)
6. Sale Authorization: Formal resolution authorizing the sale of the vehicle
7. Sale Price: Approved selling price or price range for the vehicle
8. Signatory Authorization: Authorization of specific officer(s) to execute sale documents
9. Certification: Certification of the resolution by the company secretary or authorized officer
1. Special Conditions: Any specific conditions attached to the sale, used when there are particular terms to be noted
2. Broker Authorization: Authorization to engage a broker or agent, included when third-party assistance is required for the sale
3. Insurance Matters: Instructions regarding vehicle insurance transfer, included when specific insurance arrangements need to be addressed
4. Proceeds Allocation: Instructions for handling sale proceeds, included when specific accounting treatment is required
5. Related Party Declaration: Declaration if the sale is to a related party, required when selling to connected persons
1. Schedule A - Vehicle Details: Detailed specification of the vehicle including all technical details, condition report, and valuation
2. Schedule B - Vehicle Documents: List of all vehicle documentation including registration, insurance, maintenance records
3. Schedule C - Photographs: Recent photographs of the vehicle documenting its current condition
4. Appendix 1 - Board Meeting Attendance Register: Signed attendance register of the board meeting
5. Appendix 2 - Vehicle Valuation Report: Independent valuation report if obtained
Authors
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Transportation
Corporate Services
Manufacturing
Logistics
Construction
Mining
Oil & Gas
Agriculture
Real Estate
Retail
Healthcare
Relevant Teams
Legal
Corporate Secretariat
Finance
Administration
Operations
Fleet Management
Compliance
Corporate Services
Asset Management
Relevant Roles
Board Director
Company Secretary
Chief Executive Officer
Chief Financial Officer
Fleet Manager
Administrative Manager
Legal Counsel
Compliance Officer
Corporate Services Manager
Operations Manager
Finance Director
Managing Director
Asset Manager
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