BOARD OF DIRECTORS' RESOLUTION AUTHORIZING LOAN TO PAY DIVIDEND
Upon a duly made, seconded and unanimously carried motion, the Board of Directors of this Corporation adopted the following resolution: WHEREAS, the financial statement submitted to the Board of Directors of this Corporation reveals that there is a surplus of [N] Dollars ($[N]), which would be sufficient to support the payment of the regular dividend scheduled to be declared at this time, and WHEREAS, the Corporation's accounts receivable have not been timely paid for the past quarter, and WHEREAS, the Corporation has obtained a short-term loan, it is hereby: RESOLVED, that regular quarterly dividends shall be declared and paid out of the proceeds of the short-term loan made by the [BANK NAME] Bank to all shareholders of record on [DATE]. 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