DIY Legal Forms

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State Corporation's Dividend Policy

RESOLVED, that it is this Corporation's dividend policy to pay a dividend of $------ per annum on the common stock of the Corporation, payable in quarterly installments on the first day of the [Month], if

(1) the earnings of the Corporation support such payments under the laws of the state of [State], and

(2) it is determined that the payment of such dividends is in the best interests of the Corporation.

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.