NAF Corporate Borrowing Resolution
| 5._naf_corporate_borrowing_resolution.pdf |
CORPORATE BORROWING RESOLUTION
I, the undersigned Secretary or Assistant Secretary of ___Cantus____________________, (the “Corporation”), HEREBY CERTIFY that the Corporation is organized and existing under and by virtue of the laws of the State of Minnesota as a Nonprofit Corporation, with its principal office at _____________________________________ __________________________________________, and is duly authorized to transact business in the State of Minnesota.
I FURTHER CERTIFY that at a meeting of the Directors of the Corporation, duly called and held on _________________, 20 , at which a quorum was present and voting, or by other duly authorized corporate action in lieu of a meeting, the following resolutions were adopted:
BE IT RESOLVED, that the following named officers, employees, or agents of this Corporation, whose actual signatures are shown below:
NAME POSITION ACTUAL SIGNATURE
Mary Lee Executive Director x_____________________________
x_____________________________
x_____________________________
acting for and on behalf of the Corporation and as its act and deed be, and he or she hereby is, authorized and empowered:
To borrow from time to time from Nonprofits Assistance Fund, a Minnesota Nonprofit Corporation (“Lender”), on such terms as may be agreed upon between the Corporation and Lender, such sum or sums of money as in his or her judgment should be borrowed, however such sum or sums shall not exceed $100,000. To mortgage, pledge, transfer, endorse, hypothecate, or otherwise encumber and deliver to Lender, as security for the payment of any loans or credit accommodations so obtained, any promissory notes so executed, or any other further indebtedness of the Corporation to Lender at any time owning, any property now or hereafter belonging to the Corporation or in which the Corporation now or hereafter may have an interest. Such property may be mortgaged, pledged, transferred, endorsed, hypothecated, or encumbered at the time such loans are obtained or such indebtedness is incurred, or at any other time or times, and may be either in addition to or in lieu of any property theretofore mortgaged, pledged, transferred, endorsed, hypothecated, or encumbered.
To execute and deliver to Lender the promissory note or notes, or other evidence of credit accommodations of the Corporation on Lender’s forms, at such rates of interest and on such terms as may be agreed upon, evidencing the sums of money so borrowed or any indebtedness of the Corporation to Lender, and also to execute and deliver to Lender one or more renewals, extensions, modifications, refinancings, consolidations, or substitutions for one or more of the notes, any portion of the notes, or any other evidence of credit accommodations.
RESOLVED FURTHER that if two or more resolutions of this Corporation authorizing any transactions with the Lender are outstanding concurrently at any time the provisions thereof shall be deemed to be cumulative.
RESOLVED FURTHER that all loans heretofore made by said officer in the name of this Corporation and all promissory notes and other documents executed by them in connection therewith or to secure the name are hereby ratified and approved.
RESOLVED FURTHER that this resolution shall remain in full force and effect until revoked.
In TESTIMONY WHEREOF, I have hereunto set my hand and seal on ______________, 20 , and attest that the signatures set opposite the names listed above are their genuine signatures.
CERTIFIED TO AND ATTESTED BY:
X__________________________________
Secretary of Corporation
I, the undersigned Secretary or Assistant Secretary of ___Cantus____________________, (the “Corporation”), HEREBY CERTIFY that the Corporation is organized and existing under and by virtue of the laws of the State of Minnesota as a Nonprofit Corporation, with its principal office at _____________________________________ __________________________________________, and is duly authorized to transact business in the State of Minnesota.
I FURTHER CERTIFY that at a meeting of the Directors of the Corporation, duly called and held on _________________, 20 , at which a quorum was present and voting, or by other duly authorized corporate action in lieu of a meeting, the following resolutions were adopted:
BE IT RESOLVED, that the following named officers, employees, or agents of this Corporation, whose actual signatures are shown below:
NAME POSITION ACTUAL SIGNATURE
Mary Lee Executive Director x_____________________________
x_____________________________
x_____________________________
acting for and on behalf of the Corporation and as its act and deed be, and he or she hereby is, authorized and empowered:
To borrow from time to time from Nonprofits Assistance Fund, a Minnesota Nonprofit Corporation (“Lender”), on such terms as may be agreed upon between the Corporation and Lender, such sum or sums of money as in his or her judgment should be borrowed, however such sum or sums shall not exceed $100,000. To mortgage, pledge, transfer, endorse, hypothecate, or otherwise encumber and deliver to Lender, as security for the payment of any loans or credit accommodations so obtained, any promissory notes so executed, or any other further indebtedness of the Corporation to Lender at any time owning, any property now or hereafter belonging to the Corporation or in which the Corporation now or hereafter may have an interest. Such property may be mortgaged, pledged, transferred, endorsed, hypothecated, or encumbered at the time such loans are obtained or such indebtedness is incurred, or at any other time or times, and may be either in addition to or in lieu of any property theretofore mortgaged, pledged, transferred, endorsed, hypothecated, or encumbered.
To execute and deliver to Lender the promissory note or notes, or other evidence of credit accommodations of the Corporation on Lender’s forms, at such rates of interest and on such terms as may be agreed upon, evidencing the sums of money so borrowed or any indebtedness of the Corporation to Lender, and also to execute and deliver to Lender one or more renewals, extensions, modifications, refinancings, consolidations, or substitutions for one or more of the notes, any portion of the notes, or any other evidence of credit accommodations.
RESOLVED FURTHER that if two or more resolutions of this Corporation authorizing any transactions with the Lender are outstanding concurrently at any time the provisions thereof shall be deemed to be cumulative.
RESOLVED FURTHER that all loans heretofore made by said officer in the name of this Corporation and all promissory notes and other documents executed by them in connection therewith or to secure the name are hereby ratified and approved.
RESOLVED FURTHER that this resolution shall remain in full force and effect until revoked.
In TESTIMONY WHEREOF, I have hereunto set my hand and seal on ______________, 20 , and attest that the signatures set opposite the names listed above are their genuine signatures.
CERTIFIED TO AND ATTESTED BY:
X__________________________________
Secretary of Corporation