BOARD OF DIRECTORS' RESOLUTION AUTHORIZING ADJUSTMENT IN SURPLUS AFTER REAPPRAISAL OF ASSETS
Upon a duly made, seconded and unanimously carried motion, the Board of Directors of this Corporation adopted the following resolution: WHEREAS, this Board directed the President of this Corporation to retain the services of an independent appraisal firm to appraise the assets, both real and personal, tangible and intangible, of this Corporation, and WHEREAS, the President of this Corporation in fact retain the firm of [N] to perform the appraisal requested by the Board of Directors, and WHEREAS, the firm of [N] has submitted a report showing that the assets of this Corporation are carried on the books of the Corporation at a total value of [N] Dollars ($[N]) less than their true market value, it is hereby: RESOLVED, that the values of the Corporation's various assets as shown in the report of the firm of [N], in its report dated [DATE], a copy of which is attached to the minutes of this meeting, shall be accepted as the value of the assets of this Corporation and shall be carried on the books of the Corporation at the value shown in the report of [N], and it is FURTHER RESOLVED, that the Treasurer of the Corporation is hereby directed to make such changes to the books of the Corporation as are necessary for those books to reflect the true market values of the assets of this Corporation as shown in the report of the firm of [N]. 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