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WHEREAS, the Corporation is in need of additional capital, and
WHEREAS, [Name], as [Director] of the Corporation, has agreed to loan to the Corporation the sum of $------, and
WHEREAS, such borrowing appears to be advantageous to the Corporation as it is on better terms than would be available elsewhere; be it
RESOLVED, that the Corporation borrow the sum of $------ from [Name], and that said sum be repaid in or within (--) years with interest thereon at (--%) on the unpaid balance, all as more fully set forth in a promissory note and collateral loan documents as have been presented to and reviewed by this Board.
The undersigned hereby certifies that [Name] is the duly elected and qualified Secretary and the custodian of the books and records and seal of [Name], a corporation duly formed pursuant to the laws of the State of [State], and that the foregoing is a true record of a resolution duly adopted at a meeting of the Board of Directors, and that said meeting was held in accordance with state law and the Bylaws of the above named Corporation on [Date], and that said resolution is now in full force and effect without modification or rescission.
IN WITNESS WHEREOF, I have executed my name as Secretary and have hereunto affixed the corporate seal of the above named Corporation on [Date].
A True Record.