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Shareholders' Resolution Borrowing On Inventory And Equipment
SHAREHOLDERS' RESOLUTION BORROWING ON INVENTORY AND EQUIPMENT
Whereas, it is now necessary for [hereinafter referred to as Corporation] to borrow money according to the determination of the Board of Directors, and offering certain of the Corporation's furniture, fixtures and inventory as collateral for the loan will enable the Corporation to obtain the most favorable terms available, it is hereby:
RESOLVED, that , the President of this Corporation, is hereby authorized to borrow the sum of $ [Amount to borrow] dollars from [Name of creditor] on the same terms as set out in the attached Promissory Note. Said President is further authorized to execute a mortgage in favor of said Lender covering the furniture, fixtures and selected inventory set out in the attached Schedule, and it is
FURTHER RESOLVED, that said President is hereby empowered and directed to provide all notices required by law to be given for creditors of the Corporation, and to do everything else necessary to complete the transaction authorized by the Board of Directors in this resolution.
The undersigned, [Name of Officer], 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 shareholders 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 Signed]
Secretary
Seal: