The Board Resolution For Forfeiture of Shares is a crucial corporate document used in Malaysian companies when shareholders fail to pay calls or installments on their partly paid shares. This document becomes necessary when attempts to collect payment have failed and the company decides to exercise its right to forfeit the shares under Malaysian law. The resolution must comply with the Companies Act 2016 and the company's constitution, documenting the proper procedure followed, including confirmation that due notice was given to the defaulting shareholder and the requisite waiting period was observed. The document should include specific details about the shares being forfeited, the amounts unpaid, and the board's formal decision. It serves as evidence of proper corporate governance and protects the company against potential legal challenges to the forfeiture action.
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1. Title and Date: Full title of the resolution and date of the board meeting
2. Presence and Quorum: List of directors present and confirmation of quorum
3. Background: Details of the shares in question, shareholder information, and circumstances leading to forfeiture consideration
4. Reference to Authority: Citation of relevant provisions in Companies Act 2016 and company constitution authorizing forfeiture
5. Confirmation of Notice: Confirmation that proper notice was given to the shareholder regarding unpaid calls/amounts
6. Verification of Default: Confirmation of continued default in payment after notice period
7. Resolution Statement: Formal declaration of the board's decision to forfeit the shares
8. Implementation Instructions: Directions for updating share register and issuing necessary notifications
9. Certification: Signature section for company secretary/director to certify the resolution
1. Power of Sale: Include when the board wishes to immediately authorize the sale of forfeited shares
2. Appointment of Agent: Include when appointing specific person/entity to handle the sale of forfeited shares
3. Special Conditions: Include when there are specific conditions or requirements for the treatment of forfeited shares
4. Legal Opinion Reference: Include when the board has sought and relied upon legal opinion for the forfeiture
5. Related Party Disclosure: Include when the shareholder is a related party requiring additional disclosures
1. Share Details Schedule: Detailed information about the shares being forfeited including share certificate numbers, class of shares, and amount unpaid
2. Notice History: Chronological record of all notices sent to the shareholder regarding the unpaid amounts
3. Payment History: Record of partial payments made and remaining amounts due
4. Legal Provisions Extract: Relevant extracts from the company's constitution regarding share forfeiture
5. Form of Notice: Copy of the final forfeiture notice sent to the shareholder
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Financial Services
Banking
Insurance
Manufacturing
Technology
Real Estate
Telecommunications
Energy
Healthcare
Retail
Mining
Agriculture
Construction
Transportation
Professional Services
Relevant Teams
Legal
Corporate Secretarial
Finance
Compliance
Corporate Governance
Risk Management
Board Support
Share Registry
Corporate Affairs
Administrative
Relevant Roles
Company Director
Company Secretary
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Corporate Governance Officer
Compliance Officer
Share Registrar
Corporate Secretary
Board Chairman
Finance Director
Risk Management Officer
Company Administrator
Corporate Affairs Manager
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