Case Study: ABC Nonprofit Legal Toolkit
Nonprofit Legal Toolkit* 54
S ample Corporate Resolutions
SAMPLE
CERTIFICATE OF CORPORATE RESOLUTION TO BORROW MONIES
AND PLEDGE PROPERTY AS COLLATERAL
Date:
August __, 1974
Corporation:
ABC Nonprofit Organization
President:
Richard Nixon
Vice-President:
Gerald Ford
Secretary:
Henry Kissinger
Treasurer:
John Connally
Date of Meeting of Board of Directors: August 9, 1974
We, the President and the Secretary of the Corporation, certify the following facts:
1.
ABC Nonprofit Organization is a Texas non-profit corporation, is organized and operating under the laws of Texas, is qualified to do business here, and is in good standing.
2.
No proceedings for forfeiture of the certificate of incorporation or for voluntary or …show more content…
6.
The resolutions below were legally adopted on the above-referenced date of the meeting of the Board of Directors, which was called and held in accordance with the law and the bylaws of the Corporation, and at which a quorum was present.
7.
The following resolutions have been legally adopted by the Board of Directors:
RESOLVED, that the Corporation authorizes its president, Richard Nixon, and vicepresident, Gerald Ford, to enter into a loan agreement in the amount of $_____, at an annual interest rate of ___ percent, for a period of __ months from the date of settlement with_____________ Bank to develop for placement and sale of ___ housing units for lowincome home buyers. They are hereby, authorized, empowered, and directed to execute, acknowledge, and deliver for and on behalf and in the name of the Corporation such deeds, assignments, bills of sale, promissory notes, deeds of trust, financing statements, security agreements, guaranties, and instruments, containing such other terms …show more content…
The attestation by the Secretary of the Corporation and the affixation of the seal of the Corporation shall not
Nonprofit Legal Toolkit* 55
be necessary;
RESOLVED, that the President and Vice-President of the Corporation be, and is hereby specifically authorized, to execute real estate lien notes and deeds of trust to secure the lien notes on those certain real properties situated in ___ County, Texas, described below:
[Enter Property Description Here]
RESOLVED, that the Board of Directors of the Corporation finds that these authorized transactions shall directly or indirectly benefit the Corporation;
RESOLVED, that the foregoing powers and authority shall continue in full force and effect until written notice of revocation has been given by the Corporation to the Lender, and the
Lender’s written acknowledgment of receipt is obtained.
8.
The following individuals are duly elected officers of the Corporation holding the offices set
S ample Corporate Resolutions
SAMPLE
CERTIFICATE OF CORPORATE RESOLUTION TO BORROW MONIES
AND PLEDGE PROPERTY AS COLLATERAL
Date:
August __, 1974
Corporation:
ABC Nonprofit Organization
President:
Richard Nixon
Vice-President:
Gerald Ford
Secretary:
Henry Kissinger
Treasurer:
John Connally
Date of Meeting of Board of Directors: August 9, 1974
We, the President and the Secretary of the Corporation, certify the following facts:
1.
ABC Nonprofit Organization is a Texas non-profit corporation, is organized and operating under the laws of Texas, is qualified to do business here, and is in good standing.
2.
No proceedings for forfeiture of the certificate of incorporation or for voluntary or …show more content…
6.
The resolutions below were legally adopted on the above-referenced date of the meeting of the Board of Directors, which was called and held in accordance with the law and the bylaws of the Corporation, and at which a quorum was present.
7.
The following resolutions have been legally adopted by the Board of Directors:
RESOLVED, that the Corporation authorizes its president, Richard Nixon, and vicepresident, Gerald Ford, to enter into a loan agreement in the amount of $_____, at an annual interest rate of ___ percent, for a period of __ months from the date of settlement with_____________ Bank to develop for placement and sale of ___ housing units for lowincome home buyers. They are hereby, authorized, empowered, and directed to execute, acknowledge, and deliver for and on behalf and in the name of the Corporation such deeds, assignments, bills of sale, promissory notes, deeds of trust, financing statements, security agreements, guaranties, and instruments, containing such other terms …show more content…
The attestation by the Secretary of the Corporation and the affixation of the seal of the Corporation shall not
Nonprofit Legal Toolkit* 55
be necessary;
RESOLVED, that the President and Vice-President of the Corporation be, and is hereby specifically authorized, to execute real estate lien notes and deeds of trust to secure the lien notes on those certain real properties situated in ___ County, Texas, described below:
[Enter Property Description Here]
RESOLVED, that the Board of Directors of the Corporation finds that these authorized transactions shall directly or indirectly benefit the Corporation;
RESOLVED, that the foregoing powers and authority shall continue in full force and effect until written notice of revocation has been given by the Corporation to the Lender, and the
Lender’s written acknowledgment of receipt is obtained.
8.
The following individuals are duly elected officers of the Corporation holding the offices set