BOARD OF DIRECTORS' RESOLUTION AUTHORIZING REAPPRAISAL OF ASSETS
Upon a duly made, seconded and unanimously carried motion, the Board of Directors of this Corporation adopted the following resolution: WHEREAS, the Board of Directors of this Corporation has been advised by its accountant that the value of the Corporation's assets, both real and personal, tangible and intangible, are reflected at far less than their true market value on the Corporation's books, and WHEREAS, it is the intent of the Board of Directors to seek debt financing for the Corporation from a lending institution and it is the belief of the Board of Directors that those efforts will be enhanced if the aforementioned assets are carried on the books of the corporation at a value that reflects their true market value, it is hereby: RESOLVED, that the President of this Corporation is hereby directed to retain the services of an independent firm to appraise the value of the Corporation's assets, both real and personal, tangible and intangible. The undersigned, [N], certifies that I am the duly appointed Secretary of [COMPANY NAME] 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 [DATE], and that such resolution is now in full force and effect. IN WITNESS THEREOF, I have affixed my name as Secretary of [COMPANY NAME] Corporation.
Dated: [DATE]
_____________________ Secretary