BOARD OF DIRECTORS' RESOLUTION STATING CORPORATION'S DIVIDEND POLICY
Pursuant to a duly made and seconded motion, the Board of Directors of ________________ (hereinafter referred to as Corporation) unanimously adopted the following resolution:
RESOLVED, that a dividend in the amount of _____________________ dollars per annum will be now and hereafter be paid to the holders of the common stock of the Corporation, if (1) The earnings of the Corporation support such payments under the laws of the State of __________________, and (2) The Board of Directors determines that the payment of such dividends is in the best interests of the Corporation. All such payments will be payable in quarterly installments on the first day of ________, and ____________,
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 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: