[From: Free Document Downloads at TheSmallBusinessOwnersManual.com] This document should be used by the Board of Directors when authorizing a loan to a director, an officer, or an employee of the company. The following text of this document should be reviewed and edited to fit your purposes. [Find, then fill-in, or delete text in brackets like this: “[NNN]” If there are dates in this document, they will automatically change to today’s date.
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Otherwise the following text should be reviewed and edited as needed:
BOARD OF DIRECTORS' RESOLUTION AUTHORIZING LOANS TO DIRECTORS, OFFICERS OR EMPLOYEES
Upon a duly made, seconded and unanimously adopted motion, the Board of Directors of this Corporation adopted the following resolution: WHEREAS, the President of this Corporation has presented the Board with his recommendation that the Board of Directors approve a loan to the [N] of this Corporation, and WHEREAS, the aforementioned [N] has been a valued officer of this Corporation for the past [N] and the Board believes it is in the best interests of the Corporation to assist [N] in this time of financial difficulties, it is hereby: RESOLVED, that the recommendation of the President of this Corporation in his report dated [DATE], a copy of which the Secretary of the Corporation is directed to attach to the minutes of this meeting, be and hereby is adopted, and the Treasurer of this Corporation is hereby directed to lend, on the behalf of the Corporation, [N] Dollars ($[N]) to [N] on the following terms and conditions:
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