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Board Of Directors' Resolution Authorizing Purchase Of Death Benefit Contract
BOARD OF DIRECTORS' RESOLUTION AUTHORIZING
PURCHASE OF DEATH BENEFIT CONTRACT
Pursuant to a duly made, seconded, and unanimously adopted motion, the Board of Directors of [Name of Corporation], hereinafter referred to as Corporation, adopted the following resolution: [Description of resolution].
WHEREAS the Compensation Committee presented the Board with a recommendation to authorize the creation of an employee death benefit plan. A copy of this recommendation being attached to the minutes of this meeting and such benefits being established for all employees and officers in the employ of the Corporation for a minimum term of [Term in years] years, it is hereby:
RESOLVED that the recommendation of the Compensation Committee in its report dated [Date of report] be and hereby is adopted, and it is
FURTHER RESOLVED that the President of said Corporation will hereafter advise all eligible employees and officers, in writing, that a death benefit will be paid to the estate of every employee who
l. Is employed by the Corporation at the time of his or her death, and
2. At the time of his or her death
a. Had been employed by the Corporation for at least the previous years, or
b. Had retired and was receiving benefits under the Corporation's retirement program. The amount of such death benefit to be equal to $[Amount of death benefit] dollars.
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 meeting], 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 of resolution]
Secretary
Seal: