ResolutionSamples

Some of the companies operate on their own premises - that is to say, the premises/ building bought by them for business purposes.

Board Resolution format for Taking Premises on Lease

While other companies operate on leased premises - that is to say, the premises/ building taken on lease/ rental by them for commercial purposes.

The owner (lessor) of the premises enters into a lease agreement with the company (lessee) to grant the right to use the property for a specified period of time as agreed for a certain consideration.

For this purpose, the Board of Directors of the company authorise official(s) to execute the lease agreement on the terms and conditions as apprised to and considered by the Board.

Following board resolutions can be referred while drafting. Modify suitably. SAMPLE #1

“RESOLVED THAT the Company do take on lease the premises at (complete address) having an area of . sq. ft., on a monthly rental of INR . (Indian Rupees . only), belonging to its proprietor Mr. / Ms. / M/s. . residing at / having its office at .

RESOLVED FURTHER THAT the said premises be utilised for conducting of official business of its . branch / . department of the company.

RESOLVED FURTHER THAT (Name of the Director/ CS/ Officer), (Designation) be and is hereby authorised to sign and execute the Lease Agreement with the said proprietor of the premises for a period of . months/years as per the terms and conditions as may be mutually agreeable.”

SAMPLE #2

“RESOLVED THAT the consent of the Board be and is hereby accorded for the company to take on lease the following premises for the purposes of conducting its operation for its proposed new branch:

i) Address of the premises: . ii) Area size: . sq. ft. iii) . rooms, . halls, . wash rooms, . furniture . fixtures iv) Proprietor: . v) Rental: Rs. . per month vi) Term: . years/ months

FURTHER RESOLVED THAT the Company do enter into a lease agreement with the said proprietor for taking on lease the said premises on such terms and conditions as laid down in the draft lease agreement tabled before the meeting, subject to further modifications, if needed be, as may be mutually agreeable.

FURTHER RESOLVED THAT (Name), (Designation) be and is hereby authorised to sign and execute the said lease agreement on behalf of the company and complete the registration process of the agreement with the appropriate authority and to do all such acts, deeds and things as may be necessary to give effect to the foregoing resolutions.”