Shareholders' Resolution to a Major Transaction
Why would I need this document?
As a director of a company, your company cannot enter into a major transaction without a resolution from the shareholders to approve it.
A major transaction is any of the following three:
acquiring assets which are valued at more than half the value of the company’s current assets
getting rid of more than half of the value of the company’s assets
acquiring rights, interests, obligations, or liabilities valued at more than half the value of the company’s current assets.
You will need to know:
the resolution(s) which were voted on
the names of the shareholders that voted and
the way the resolution was passed.
How long will it take to complete?
Approximately 5 minutes.
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