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Form #1503

SHAREHOLDERS' RESOLUTION ON BORROWING ON INVENTORY AND EQUIPMENT

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SHAREHOLDERS' RESOLUTION ON BORROWING ON INVENTORY AND EQUIPMENT


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SHAREHOLDERS' RESOLUTION

(BORROWING ON INVENTORY AND EQUIPMENT)

 

Whereas, it is now necessary for ___________________________ (hereinafter referred to as Corporation) to borrow money according to the determination of the Board of Directors, and offering certain of the Corporation's furniture, fixtures and inventory as collateral for the loan will enable the Corporation to obtain the most favorable terms available, it is hereby:

 

RESOLVED, that _____________________, the President of this Corporation, is hereby authorized to borrow the sum of __________________________ dollars ($________) from ____________________________ on the same terms as set out in the attached Promissory Note.  Said President is further authorized to execute a mortgage in favor of said Lender covering the furniture, fixtures and selected inventory set out in the attached Schedule, and it is

 

FURTHER RESOLVED, that said President is hereby empowered and directed to provide all notices required by law to be given for creditors of the Corporation, and to do everything else necessary to complete the transaction authorized by the Board of Directors in this resolution.

 

The undersigned, __________________________, certifies that he or she is the duly appointed Secretary of said Corporation and that the above is a true, accurate, and correct copy of a resolution duly adopted at a meeting of the shareholders thereof, convened and held in accordance with law and the Bylaws of said corporation on ____________________.  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.

 

 

Dated: _______________________        __________________________

                                                                Secretary

 

Seal:

 

 

 

Contributed by
AIG Legal
 
Total Forms Contributed 75
 

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Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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Keywords: SHAREHOLDERS' RESOLUTION, BORROWING, INVENTORY AND EQUIPMENT

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