RESOLUTION OF THE DIRECTORS OF
[NAME OF CORPORATION]
CANCELLATION OF SHAREHOLDER LOAN AND ADDITION TO STATED
A. [name of shareholder] is the sole shareholder of the Corporation and holds [number and class of
shares held] (the “Shares”) with a stated capital of $###.##;
B. The Corporation is indebted to the Shareholder in the sum of $###.## pursuant to a [Promissory
Note] dated [date of note] (the “Shareholder Loan”);
C. The Corporation and the Shareholder have agreed to cancel the Shareholder Loan and add the
outstanding principal balance thereof to the stated capital for the Shares.
The sum of $###.## be added to the stated capital of the Shares.
Pursuant to the provisions of the Business Corporations Act, R.S.O. 1990, c. B-16, the foregoing
resolutions are hereby executed by the directors of the Corporation.
DATED at ____________________ this _____ day of ______________, _______.