Board Resolution Approving Declaration of Final Dividend Template

This board resolution approving declaration of final dividend template has 2 pages and is a MS Word file type listed under our business plan kit documents.

Sample of our board resolution approving declaration of final dividend template:

BOARD RESOLUTION OF [YOUR COMPANY NAME] APPROVING DECLARATION OF FINAL DIVIDEND APPROVING DECLARATION OF FINAL DIVIDEND WHEREAS there exists an agreement between the Corporation and the Government of [COUNTRY] to limit any total dividend of the Corporation in a fiscal year to no more than [PERCENTAGE %] of after-tax profits; WHEREAS this agreement on dividend policy was necessary in order to maintain continuing federal government grants and to remain eligible for future grants; WHEREAS the only general legal limitation on the declaration of a dividend by a federal corporation is contained in the [SPECIFY COUNTRY BUSINESS ACT/LAW/RULE], the federal statute governing the corporation the [ACT/LAW/RULE] provides that a corporation cannot declare or pay a dividend if there are reasonable grounds for believing that (a) the corporation is, or would after the payment be, unable to pay its liabilities as they become due; or (b) the realizable value of the corporation's assets would thereby be less than the aggregate of its liabilities and stated capital of all classes of shares; WHEREAS the [SPECIFY COUNTRY BUSINESS ACT/LAW/RULE] provides that directors of a corporation who vote for a resolution authorizing the payment of a dividend contrary to the said solvency provisions are jointly and severally liable to restore to the corporation any amounts paid by the corporation and not otherwise recovered; WHEREAS under the [SPECIFY COUNTRY BUSINESS ACT/LAW/RULE], directors are not liable where they rely in good faith upon financial statements of the corporation presented to them by an officer of the corporation or, where they rely on a report of a lawyer, accountant, engineer or other person whose profession lends credibility to a statement made by such professional; WHEREAS an interim dividend in the amount of [AMOUNT] [COUNTRY] was declared payable on [DATE] relating to after-tax profits for the fiscal year ended [DATE]; WHEREAS it is deemed appropriate to declare and pay a second and final dividend relating to after-tax profits for the fiscal year ended [DATE]; RESOLVED