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Approve Profit-Sharing Plan
APPROVE PROFIT-SHARING PLAN
WHEREAS, the Board of Directors of [Name of the Corporation] considers it to be in the best interests of the Corporation to adopt an employee Profit-Sharing Plan as a means of improving employee incentive and performance; be it
RESOLVED, that the Corporation adopt an employee Profit-Sharing Plan as presented to the Board, the specifications of which are annexed hereto, provided however that adoption shall be conditional upon (1) duly voted shareholder approval, and (2) a favorable ruling from the IRS that the plan, as constituted, qualifies under Sections 401 (a) and 404 of the Internal Revenue Code of 1954, as amended, and RESOLVED FURTHER, that upon satisfaction of the conditions stated, the President and/or Treasurer undertake all actions as are necessary to implement and administer the plan.
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