Do you need a board resolution to declare dividend?

Note that a resolution is only required for the declaration of a final dividend where a company's articles (usually if the company has private company model articles) requires it. Directors are able to recommend and declare interim dividends.

US Legal Forms
Corporate Resolution

Board Resolution Template For Dividend

Category:

Corporations - Business Formation

State:

Multi-State

Control #:

US-ENTREP-0089-1

Format:

Instant download

Description

The Board resolution template for dividend is a formal document designed for corporations to declare and record the distribution of dividends to shareholders. This template outlines the necessary consent from the Board of Directors, including details such as the date, time, and location of the meeting where the resolution is adopted. Users can customize the template by filling in specific decisions and actions related to the dividend issuance. Key features include clear sections for director signatures, ensuring a proper record of consent, and providing certification by the Corporation's Secretary. This form is particularly useful for attorneys, partners, and owners who need to ensure compliance with corporate governance regulations. Associates, paralegals, and legal assistants can also benefit by using this template to streamline the documentation process, enabling efficient tracking of corporate resolutions. Overall, this template facilitates transparency and formal recognition of dividend decisions, crucial for maintaining shareholder trust and corporate accountability.

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FAQ

Resolutions of the board of directors declaring a cash dividend. These resolutions can be used for either a private or public company. They are drafted as standard clauses to be inserted into board minutes or a unanimous written consent.

Final Dividends: These are recommended by the director(s) but are actually approved by the shareholders in a general meeting, or by written resolution. These are generally paid at the end of the financial year.

(1) The company may by ordinary resolution declare dividends, and the directors may decide to pay interim dividends. (2) A dividend must not be declared unless the directors have made a recommendation as to its amount. Such a dividend must not exceed the amount recommended by the directors.

Note that a resolution is only required for the declaration of a final dividend where a company's articles (usually if the company has private company model articles) requires it. Directors are able to recommend and declare interim dividends.