Board Resolution Format for Purchase of an Industrial Land

The approval of the board of directors of a company is very much necessary for the company to purchase any land in the name of the company.

It would be advisable for the management of the company to also seek the advice of the board of directors while finalising the selection of the land, by presenting before the board the details of few selected lands which the company can buy and why they were selected so that the board can give can give its opinion as to which land seems like a good place for the intended purpose.

Template of board resolution for the purchase of land is as follows for your reference while drafting—

SAMPLE

#. Purchase of an Industrial Land for setting up a new Factory

The Managing Director informed the Board that the company was on the lookout for the purchase of an industrial land to set up a new factory at (location). The company had received proposals from different agents in this regard and after visiting some of these prospective sites, three locations have been finalised.

The Board was apprised of these three locations in detail. The Board, after much discussion, suggested the management to purchase the land at .........................

Upon motion duly passed and seconded, it was unanimously:

“RESOLVED THAT the management is authorised to buy the industrial land admeasuring ..... sq.mt. by .......... sq.mt. ("the land") situated at ........................ in the State of ..................., as specifically indicated in the site plan tabled before the meeting, from the owner of the land i.e. (Seller's Name).”

“RESOLVED FURTHER THAT an agreement of sale of land ("the agreement") be entered into between the company and (Seller's Name) for purchase of the land for a consideration upto a sum of Rs. ................... (Rupees ...............................only).”

“RESOLVED FURTHER THAT (Name of the Director/Officer), (Designation) be and is hereby authorised to execute the agreement and any other documents in relation to that and to do all such acts, deeds, things and matters as may be necessary and incidental thereto.”



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NOTE: The resolution sample(s) here is only for reference, to help you with drafting. Do refer the exact provisions of the Companies Act, relevant rules framed thereunder and any other applicable laws to be able to not to miss out anything important while drafting.