CORRESPONDENCE_2003 - Laserfiche WebLink

Home Browse Search

checks, drafts or other.orders for the payment of money issued in the name of this Corporation against any funds deposited in any of such accounts, and to revoke any such designation; (e) To authorize the use of facsimile signatures for the signing or countersigning of checks, drafts or other orders for the payment of money, and to enter into such agreements as banks and trust companies customarily require as a condition for permitting the use of facsimile signatures; (f) To make-such general and special rules and regulations with respect to such accounts as they may deem necessary or advisable; and (g) To complete, execute and/or certify any customary printed blank signature card forms in order to exercise the authority granted by this resolution and any resolutions printed thereon shall be deemed adopted as a part hereof, RESOLVED FURTHER, that all form resolutions required by any such depository as presented to this meeting, are hereby adopted in such form utilized by the depository, and the Secretary of this Corporation is hereby authorized to certify such resolutions as having been adopted at this meeting and , is directed to insert the form of such resolutions into the Minute Book of the Corporation immediately following the Minutes of this meeting; and RESOLVED FURTHER, that any such depository to which a copy certified by the Secretary or an Assistant Secretary of this Corporation of these resolutions shall have been delivered shall be entitled to rely thereon for all purposes until it shall have received written notice of the revocation or amendment of these resolutions by the Board of Directors of this Corporation. RESOLUTION WITH RESPECT TO ORGANIZATION EXPENSE The Board of Directors then considered the payment of the expenses of incorporation and organization. The Chief Financial Officer reported on the fees and expenses that had been incurred to date in this connection. Upon a motion, the following resolution was adopted: RESOLVED, that the Chief Financial Officer is authorized and directed to pay the expenses of incorporation and organization, and to reimburse the persons advancing funds to the Corporation for this purpose, as stated in the report of the Chief Financial Officer presented to this meeting. RESOLUTION ELECTING TO AMORTIZE ORGANIZATION EXPENSE Amortization of the organizational expenses of the Corporation for federal income tax purposes was discussed by the Corporate Accountant. Upon a motion duly made and carried, the following resolution was adopted: WHEREAS: A. Section 248 of the Internal Revenue Code of 1986 authorizes an election to amortize organization expenditures ratably over a period of sixty(60)months or longer; and B. The Corporation has expended considerable sums in defraying the organization expenses of the Corporation; and -5-