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Approve Loan To Dividend Payment
APPROVE LOAN TO PAY DIVIDEND
WHEREAS, the Corporation has accumulated a surplus sufficient to pay the declared dividend of [Percentage of Dividend] percent on the common stock payable on [Date payable] to stockholders of record at the close of business on [Date of record], and
WHEREAS, the cash surplus can be more advantageously used for the expansion of the business, be it
RESOLVED, that the President is hereby authorized to transact a loan from Bank for the amount of the dividend declared, and RESOLVED FURTHER, that, upon obtaining the said loan, the Treasurer is hereby directed and authorized to pay out from the fund so borrowed the declared dividend on the date specified.
The undersigned hereby certifies that [he/she] is the duly elected and qualified Secretary and the custodian of the records and books and seal of the [Name of Corporation] corporation. The undersigned also certifies that this corporation has been duly formed in accordance with the laws of [State of Jurisdiction]. Furthermore, the undersigned certifies that the foregoing is a true record of a resolution duly adopted at a meeting of the Board of Directors, and that said meeting was held in accordance with the applicable laws and the Bylaws of the [Name of Corporation] Corporation on [Date of Meeting], and that said resolution is now in full force and effect without modification or rescission.
IN WITNESS WHEREOF, I have executed my name as Secretary and have hereunto affixed the corporate seal of the [Name of Corporation] Corporation on [Date signed]
A True Record.
Attest.
Secretary