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Shareholders Resolution For Borrowing On Accounts Receivable
SHAREHOLDERS RESOLUTION
FOR BORROWING ON ACCOUNTS RECEIVABLE
WHEREAS, the [Name of Corporation], Inc. Board of Directors has determined that it is necessary to borrow money for corporate purposes, and that monies can only be obtained at favorable rates by borrowing against the accounts receivable of the Corporation, it is hereby
RESOLVED, that the [Name of Corporation], Inc. Board of Directors is authorized to borrow $ [Amount of loan] dollars on the terms and conditions set out in the Promissory Note and Pledge Instruments, a copy of which the Secretary is directed to attach to the minutes of this meeting.
The undersigned, [Secretary of Corporation], certifies that [he/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