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Board Of Directors' Resolution Authorizing Loans To Directors Officers Or Employees
BOARD OF DIRECTORS' RESOLUTION AUTHORIZING LOANS
TO DIRECTORS, OFFICERS OR EMPLOYEES
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:
WHEREAS the President of said Corporation recommended that a loan to [Name of debtor], the [Title of debtor] of said Corporation be approved by the Board of Directors in [his/her] report dated [Date of report], and
WHEREAS the aforementioned individual has been a valued officer of said Corporation for the a substantial length of time, and the Board believes it is in the best interests of the Corporation to assist in this time of his/her temporary financial difficulties, it is hereby:
RESOLVED that the recommendation of the President of said Corporation be and hereby is adopted, and it is the Treasurer of this Corporation is hereby directed to lend, on behalf of the Corporation, $[Amount of loan] dollars to [Name of debtor] on the following terms and conditions: [Terms and conditions of loan].
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