Agreement For Nominee Director

State:
Multi-State
Control #:
US-0222BG
Format:
Word; 
Rich Text
Instant download

Description

The Agreement for Nominee Director is a legal document designed for situations where a nominee holds title to real property on behalf of the beneficial owner. This agreement specifies that the nominee has no beneficial interest in the property and will act solely under the instructions of the owner. Key features include definitions of roles, responsibilities of the nominee, and indemnification clauses protecting the nominee from liabilities incurred in executing their obligations. It is essential for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a structured approach to managing property ownership without transferring actual ownership rights. The form must be filled out with accurate names and addresses, and the parties should ensure all sections are completed to avoid legal disputes. Modification of the agreement must always be in writing and signed by both parties to maintain its validity. This document is particularly useful in real estate transactions and situations where privacy or operational flexibility is required.
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FAQ

A nominee agreement allows one party (the principal) to grant a mandate to another party (the nominee) to act on its behalf.

Why do you need a nominee director? You must provide the name of a director to register your business successfully. This name will be added to the board of directors' list. The advantage of using a nominee director (ND) is the anonymity it gives business owners.

Procedure for Appointment of Nominee DirectorDisclosure of the agenda of the meeting.For conducting a board meeting, pass a board resolution to appoint a nominee director under section 161(3).Authorising the company secretary in case of absence of the company secretary.More items...

A Nominee Director is a Director appointed to the Board to represent the interest in the Company. The Appointment of Nominee Director is done by any law for the time being in force or by agreement or by Central or State Governments by its shareholding in Government Company.

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Agreement For Nominee Director