Model Format of Minutes of Special Meeting of Board of Directors to...

Model Format of Minutes of Special Meeting of Board of Directors to Adopt Stock Ownership Plan

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Model Format of Minutes Of Special Meeting Of Board Of Directors To Adopt Stock Ownership Plan
Model Format of Minutes Of Special Meeting Of Board Of Directors To Adopt Stock Ownership Plan

A special meeting of the Board of Directors of the ___________________
was held by virtue of notice on , 20_ at _ am/pm, at ____________________, __, ___

A motion was made and seconded as follows: The Board of Directors have determined that the Corporation shall be organized and managed so that it is a “Small Business Corporation” as defined in (respective revenue codes) , as amended, and so that the shares issued by the Corporation are as amended. Compliance with this section will enable shareholders to treat the loss on the sale or exchange of their shares as an “ordinary loss” on their personal income tax returns.

RESOLVED, that the proper officers of the Corporation are authorized to sell and issue common shares in an aggregate amount of money and other property (as a contribution to capital and as paid in surplus), which together with the aggregate amount of common shares outstanding at the time of issuance, does not exceed Rs., and RESOLVED, that the sale and issuance of shares shall be conducted in compliance with Sec.,of so that the Corporation and its shareholders may obtain the benefits of __(Code), and it is further RESOLVED, that the proper officers of the Corporation are directed to maintain such accounting records as are necessary so that any shareholder that experiences a loss on the transfer of common shares of the Corporation may determine whether they qualify for “ordinary loss” deduction treatment on their personal income tax returns…..

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