DIY Legal Forms

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Authorizing Educational Loan Plan

Pursuant to a duly made, seconded, and unanimously adopted motion, the Board of Directors of [Name] (hereinafter referred to as Corporation) adopted the following resolution:

WHEREAS the Compensation Committee of the Board of Directors of said Corporation recommends that an educational loan program under which employees would, if they so desire, receive financial assistance from the Corporation for the purpose of financing the education of their children be established, and

WHEREAS the Board of Directors concludes that the establishment of such a program would enable the Corporation to attract and retain highly qualified, desirable employees, it is hereby:

RESOLVED that a program designated as the "Educational Loan Assistance Plan" for the Benefit of the Children of the Employees of [Corporation] be and hereby is approved, adopted, and accepted by the Board of Directors of this Corporation. A copy of the written recommendation of the Compensation Committee and a copy of such program are affixed to the minutes of this meeting, and it is

FURTHER RESOLVED that the President of this Corporation is directed to take all necessary steps to bring the aforesaid Plan into existence.

The undersigned, [Name], certifies that he or she is the duly appointed Secretary of [Corporation] and that the above is a true, accurate, and correct copy of a resolution duly adopted at a meeting of the directors thereof, convened and held in accordance with applicable 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 seal of [Corporation] to this resolution.

Dated:

_________________________

Secretary

Seal: