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Authorizing Issuance Of Stock For Services
WHEREAS: The following services: [description] have been rendered to [name of corporation] (Corporation) by [name] (Creditor), residing at [address].
WHEREAS: In full payment of this claim, Creditor has offered to accept [number] fully paid and nonassessable shares of the capital stock of Corporation with par value of ........ dollars ($........) per share.
WHEREAS: The Board of Directors of Corporation must
(a) determine the value, in Australian currency, of the services described previously and
(b) accept or reject the offer.
Therefore, it is resolved that:
1. Value of Services. The Board of Directors, using its best skill and judgment, determines the value of the services described above to be ........ dollars ($........) in Australian currency.
2. Acceptance of Offer. The offer of Creditor is accepted by the Board.
3. Issuance of Shares. [Number] fully paid and nonassessable shares of the capital stock of Corporation, with par value of ........ dollars ($........) per share, are to be issued to Creditor in full settlement of claim or as payment for these services.