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Authorizing Conversion Of Excess Depreciation To Surplus
Pursuant to a duly made, seconded and unanimously carried motion, the Board of Directors of this Corporation adopted the following resolution:
WHEREAS $------ has been assigned to the depreciation account on the Corporation's books for the period running from the [Date], to the [Date], and
WHEREAS $------ were assigned to the reserve for depreciation and the value of the real property upon which the above-mentioned depreciation and reserve for depreciation charges and credits were made has been determined by the independent appraisal firm of to be $------, it is hereby
RESOLVED that a transfer on the Corporation's books $------ from the Corporation's reserve for buildings account to the Corporation's surplus account will be made by the Treasurer of said Corporation.
The undersigned, [Name], 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], and that such resolution is now in full force and effect.
IN WITNESS THEREOF, I have affixed my name as Secretary of [Corporation] and have attached the [Corporation] to this resolution.