Board Minutes – Resignation and Appointment of Director

Document Summary

This board resolution records the acceptance of resignation of a current board member and the appointment of a new board member.

Description

According to article 143 of Federal Decree-Law No. 32 of 2021 on Commercial Companies, the number of board members must not be less than three and not more than eleven and the term of membership should not exceed three calendar years, commencing from the date of election or appointment. A board member may be re-elected for more than one term. This article applies to limited liability companies and public joint stock companies.

As per Article 147 of Federal Decree-Law No. 32 of 2021 on Commercial Companies, no person may be appointed or elected as a board member of the company until he/she acknowledges in writing his/her acceptance of the nomination, provided that such acknowledgement includes a disclosure of any activity conducted directly or indirectly by such person in competition of the business of the Company and of the names of the companies and establishments wherein such person works or is a Board Member.

Jurisdiction

This document is intended for use in the United Arab Emirates.

Before Execution

• The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.
• Please delete this front page together with the information contained in the headers, footers, and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.
• Please remove the square brackets and all highlighting prior to signature.

Disclaimer

This document is provided for reference only and is not intended to be, and should not be considered, legal advice. Determinations about whether this document will be appropriate in your particular situation or jurisdiction should be made after consultation with a legal counsel. Kanoony will not assume any legal liability that may arise from the use of this document.