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Board Of Directors' Resolution Authorizing Adjustment In Surplus After Reappraisal Of Assets
BOARD OF DIRECTORS' RESOLUTION AUTHORIZING ADJUSTMENT IN SURPLUS AFTER REAPPRAISAL OF ASSETS
Pursuant to a duly made and seconded motion, the Board of Directors of [Name of Corporation], hereinafter referred to as "Corporation", unanimously adopted the following resolution:
WHEREAS, the President of said Corporation was directed to retain the services of an independent appraisal firm for the purpose of appraising all assets of said Corporation including real, personal, tangible and intangible assets, and
WHEREAS, the firm of was retained to perform the appraisal requested by the Board of Directors and said firm has submitted a report dated [Date of report], showing that the assets of this Corporation are carried on the books of the Corporation at a total value of $ [Total value] dollars which dollar amount is significantly less than the true market value of said assets, it is hereby
RESOLVED that the appraised values of the Corporation's various assets, as shown in the report of said firm attached to the minutes of this meeting, shall hereafter be accepted as the value of the assets of this Corporation and shall be carried on the books of the Corporation as such 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 said firm.
The undersigned, [Secretary of Corporation], certifies that he or she is the duly appointed Secretary of 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 of resolution], and that such resolution is now in full force and effect.
IN WITNESS THEREOF, I have affixed my name as Secretary of [Name of Corporation] Corporation and have attached the seal of [Name of Corporation] Corporation to this resolution.
Dated: [Date signed]
Secretary