BOARD OF DIRECTORS' RESOLUTION SKIPPING A DIVIDEND
Pursuant to a duly made, seconded, and unanimously carried motion, the Board of Directors of _________________________ (hereinafter referred to as Corporation) adopted the following resolution:
WHEREAS, said Corporation may be required to seek borrowed funds in the next fiscal year and such borrowing may require the Corporation the presentation of a financial statement showing a substantial surplus in the cash account, it is hereby
RESOLVED, that a regular dividend will not be declared on the common stock of this Corporation for the ______ quarter of _______ (year), and it is
FURTHER RESOLVED that the amount so saved will be retained by the Corporation in its surplus account.
The undersigned, ____________________________, certifies that he or she is the duly appointed Secretary of _______________________________ Corporation and that the above is a true 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 _____________________, 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.
Dated: ______________________
___________________________ Secretary