DIY Legal Forms

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Skipping A Dividend

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

WHEREAS, said Corporation may be required to seek borrowed funds in the next fiscal year and such borrowing may require the Corporation the presentation of a financial statement showing a substantial surplus in the cash account, it is hereby

RESOLVED, that a regular dividend will not be declared on the common stock of this Corporation for the [--] quarter of [Date], and it is

FURTHER RESOLVED that the amount so saved will be retained by the Corporation in its surplus account.

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.