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Authorizing Issuance Of Stock For Property
WHEREAS: [Name], residing at [address] [Owner], is the owner of land in [County, State], more particularly described as follows:
or, of the following personal property:
WHEREAS: Owner has offered to transfer this property to [name of corporation] (Corporation) for [number] shares of the capital stock of Corporation with par value of ........ dollars ($........) each.
WHEREAS: The Board of Directors of Corporation must:
(a) determine the fair value, in United States (USD) currency, of the above-stated property and
(b) accept or reject the offer.
Therefore, IT IS RESOLVED THAT:
1. Value of Property. The Board of Directors, using its best skill and judgment, determines the value of the property described above to be ........ dollars ($........) in United States (USD) currency.
2. Acceptance of Offer. The offer of Owner to sell the property to Corporation is accepted.
3. Issuance of Shares. [Number] shares of the capital stock of Corporation are to be issued to Owner in exchange for this property.
4. Execution of Agreements. The proper officers of Corporation are authorized to execute, on behalf of, and in the name of, Corporation any agreement necessary for the purchase of the above-stated property.