Template for resolution passed at the First Directors' Meeting

After the incorporation of a company, the first board meeting should be convened. This is a meeting of the directors of the company. The meeting is usually done about one month after the date of incorporation. This meeting should set out the basic structure of the company. The resolution can be in one singular document or it can be in separate documents resolving individual items.

Items that should be included in the resolution passed at the First Directors’ Meeting:

Appointment of Directors
The company should list down the appointment of the individual directors and their roles. If there are directors who are executive and non-executive it might be a good practice to state this in this resolution.
Registered Office
The registered office should be listed. This is the office to which all communications and notices are sent with regards to the company. The office must be open to the public for at least 3 hours during ordinary business hours on each business day.
Common Seal
If the company adopts a common seal, it should be stated in this resolution
Appointment of Secretary
The appointment of the company secretary can be done in this resolution.
Corporate Bank Account
The corporate bank account details of the company should be listed in this resolution. It should state the bank with which the account is to be opened with as well as the type of account and who has access to the account. It should also state any special approval status of the account (For example more stringent approval for payments above a certain amount).
Financial Year End
The financial year-end of the company should be stated in the resolution.
Allotment and Issuance of Shares
The individuals who are holding on to the shares should be stated in this resolution. It should also state whether these shares are paid up.