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Board Of Directors' Resolution Skipping A Dividend
BOARD OF DIRECTORS' RESOLUTION SKIPPING A DIVIDEND
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, said Corporation may be required to seek borrowed funds in the next fiscal year and such borrowing may require the Corporation the presentation of a financial statement showing a substantial surplus in the cash account, it is hereby
RESOLVED, that a regular dividend will not be declared on the common stock of this Corporation for the quarter of [Date of dividend], and it is
FURTHER RESOLVED that the amount so saved will be retained by the Corporation in its surplus account.
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