BOARD OF DIRECTORS' RESOLUTION AUTHORIZING LOAN TO PAY 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 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 _______________, 19____.
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.
Dated: ______________________
___________________________ Secretary
Seal: