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Board Of Directors' Resolution Authorizing Loan To Pay DividendPursuant to a duly made, seconded, and unanimously carried motion, the Board of Directors of ___________________________ (hereinafter referred to as Corporation) adopted the following resolution: WHEREAS the current financial statement reveals a surplus of _________________________ dollars ($_______) and such surplus is sufficient to support the payment of the regular dividend scheduled to be declared and the accounts receivable of said Corporation have not been paid in a timely fashion for the past quarter and the Corporation has obtained a short-term loan, it is hereby RESOLVED, that the regular quarterly dividends shall be declared and paid out of the proceeds of said short-term loan to all shareholders of record on the __________ day of _______________, 20 ____. The undersigned, _________________________________, certifies that he or she is the duly appointed Secretary of ______________________________ Corporation and that the above is a true, accurate, and correct copy of a resolution duly adopted at a meeting of the directors thereof, convened and held in accordance with law and the Bylaws of said Corporation on ________________, 19____, and that such resolution is now in full force and effect. IN WITNESS THEREOF, I have affixed my name as Secretary of _________________ ______________ Corporation and have attached the seal of _______________________ Corporation to this resolution. Date:_____________________ ___________________________ Secretary Seal:
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