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The Board Resolution For Purchase of Car is a crucial corporate document required under Philippine law when a company intends to acquire a vehicle through official board approval. This document is mandated by the Revised Corporation Code of the Philippines and is typically used when companies need to document the official decision to purchase vehicles for business operations. The resolution includes essential details such as the specific vehicle to be purchased, approved budget, authorized signatories, and payment terms. It serves multiple purposes: providing legal authorization for the purchase, ensuring corporate governance compliance, establishing clear accountability, and creating a record for audit and regulatory purposes. This document is particularly important for corporate documentation and may be required by vehicle dealers, banks (if financing is involved), and regulatory bodies.

1. Title and Date: Formal title of the resolution and date of the board meeting

2. Attendance and Quorum: List of board members present and confirmation of quorum requirements being met

3. Preamble: Introduction stating the company name, place of meeting, and legal basis for the resolution

4. Recitals: Background information explaining the need for the vehicle purchase

5. Resolution Statement: The formal 'RESOLVED' statement detailing the board's decision to purchase the vehicle

6. Vehicle Details: Specific details of the vehicle to be purchased including make, model, year, and price

7. Authorization: Named individuals authorized to execute the purchase and sign related documents

8. Budget Allocation: Specified budget approved for the purchase

9. Certification: Secretary's certification of the resolution's authenticity

10. Signatures: Space for required signatures of board members and corporate secretary