BOARD OF DIRECTORS' RESOLUTION AUTHORIZING CONVERSION OF EXCESS DEPRECIATION TO SURPLUS
Pursuant to a duly made, seconded and unanimously carried motion, the Board of Directors of this Corporation adopted the following resolution:
WHEREAS ____________ dollars ($_________) has been assigned to the depreciation account on the Corporation's books for the period running from the _________ day of ____________________ to the ________ day of _______________, and
WHEREAS ___________ dollars ($________) were assigned to the reserve for depreciation and the value of the real property upon which the above-mentioned depreciation and reserve for depreciation charges and credits were made has been determined by the independent appraisal firm of to be ___________ dollars ($______), it is hereby
RESOLVED that a transfer on the Corporation's books _____________ dollars ($______) from the Corporation's reserve for buildings account to the Corporation's surplus account will be made by the Treasurer of said Corporation..
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 ________________________________________ Corporation to this resolution.
Dated: ______________________
___________________________ Secretary
Seal: