Form with which the directors of a corporation may authorize an officer or representative to take necessary steps to issue a promissory note on behalf of the corporation.
Puerto Rico Borrow Money on Promissory Note - Resolution Form - Corporate Resolutions
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Multi-State
Control #:
US-0062-CR
Format:
Word;
Rich Text
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A corporate resolution is a written document created by the board of directors of a company detailing a binding corporate action. A corporate resolution is the legal document that provides the rules and framework as to how the board can act under various circumstances.
The five FDIC-insured Puerto Rico banks - Banco Popular de Puerto Rico, Banco Santander Puerto Rico, FirstBank Puerto Rico, Oriental Bank and Scotiabank de Puerto Rico - had $442 million exposure to Puerto Rico government securities in September 2013.
In the United States, this definition encompasses all Federally insured offices of commercial banks, mutual and stock savings banks, savings or building and loan associations (stock and mutual), cooperative banks, credit unions, and international banking facilities of domestic depository institutions.
--The term "Federal depository institution" means any national bank, any Federal savings association, and any Federal branch. (5) STATE DEPOSITORY INSTITUTION. --The term "State depository institution" means any State bank, any State savings association, and any insured branch which is not a Federal branch.
Types of Depository InstitutionsCommercial Banks. Commercial banks are for-profit organizations and generally owned by private investors.Credit Unions. Credit unions are financial cooperatives implying that these depository institutions are owned by members of a particular group.Savings Institutions.
A corporate resolution that authorizes borrowing on a line of credit is often referred to a borrowing resolution. This resolution indicates that the members (LLC) or Board of Directors (Corporation) have held a meeting and conducted a vote allowing the company to borrow a specific loan amount.
Definition: A Federal depository bank is a bank that has been authorized to accept deposits payable to the Federal government. These banks can accept checks or payments that are payable to the Federal government for taxes like income or payroll taxes.
A corporate resolution that authorizes borrowing on a line of credit is often referred to a borrowing resolution. This resolution indicates that the members (LLC) or Board of Directors (Corporation) have held a meeting and conducted a vote allowing the company to borrow a specific loan amount.
There are three major types of depository institutions in the United States. They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions.
It is a legal document adopted by a corporation's board of directors containing information about the parties who may sign checks and borrow money from financial institutions. Borrowing resolutions are more commonly known as corporate resolutions.