SHAREHOLDERS’ RESOLUTION FOR BORROWING ON ACCOUNTS RECEIVABLE
1WHEREAS, the , Inc. Board of Directors has determined that it is necessary to borrow money for corporate purposes, and that monies can only be obtained at favorable rates by borrowing against the accounts receivable of the Corporation, it is hereby RESOLVED, that the dollars ($ , Inc. Board of Directors is authorized to borrow
) on the terms and conditions set out in the Promissory Note and Pledge
Instruments, a copy of which the Secretary is directed to attach to the minutes of this meeting. I, , certify that I am the duly appointed secretary of , Inc. and that
the above resolution was duly adopted at a shareholders meeting, convened and held in accordance with the laws of the State of and the bylaws of the Corporation on
, and that such resolution is now in full force and effect.
IN WITNESS THEREOF, I certify by my hand and the seal of true and correct copy.
, Inc. that this is a
Secretary
SEAL:
electronic form 2005
WWW.LawCA.com Law Publishers