DIY Legal Forms

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Authorizing Reappraisal Of Assets

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

WHEREAS, the accountant of said Corporation has advised the Board of Directors that the recorded value of the Corporation's assets, both real and personal, tangible and intangible, is considerably less than the true market value of said assets on the Corporation's books, and

WHEREAS, it is the intent of the Board of Directors to seek debt financing for the Corporation from a lending institution, and it is the belief of the Board of Directors that those efforts will be significantly enhanced if the aforementioned assets are carried at a value that reflects their true market value on the books of the Corporation , it is hereby

RESOLVED, that the President of this Corporation is hereby directed to retain the services of an independent appraisal firm to value all assets of the Corporation including real, personal, tangible and intangible.

The undersigned, [Name], certifies that [Name] 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 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: