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RESOLUTIONS OF THE BOARD OF DIRECTORS
OF
_______________________________________________
(the “Company”)
WHEREAS, the Board has reviewed State Bank of India’s Internet &
Tele-banking agreement and disclosures (the “Agreement”), to be
entered into by and between the Company and State Bank of India,
California (the “Bank”); and
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
- It is in the best interest of the Company to participate in
the Internet services offered by the Bank, such participation to
be on the terms and conditions set forth in the Agreement.
- The Board authorizes and directs the President, or any
officer of the Company designated by the President or acting
with apparent authority on behalf of Company, acting
individually or together, for and on behalf of the Company to
negotiate, execute and deliver the Agreement with such terms,
covenants, and conditions as such officer may approve, such
approval to be conclusively evidenced by the execution and
delivery of the Agreement. Use of any of the internet and tele-banking
services by the Company will also constitute the Company’s
agreement to the Agreement.
The Board has considered the security procedures to be
utilized in connection with the internet and tele-banking
services contemplated by the Agreement, and finds that such
security procedures are commercially reasonable for the Company.- The Board recognizes that internet and tele-banking services
allows the Company, through employees specified by its officers
to transfer Company funds, obtain balance information, pay bills
on-line and to change from time to time the employees who will
be able to engage in such transactions. The Board further
recognizes that the Bank will not be responsible for verifying
whether an internet/tele-banking transaction is originated by an
authorized individual. Thus, the Bank will treat a transaction
as “authorized”, without verifying that the individual is with
the Company or otherwise investigating whether the individual is
exercising authority granted by the Company or consistent with
any internal limitations on activity established by Company for
that individual. Company will be responsible for all internet
and tele-banking transactions whether or not by authorized
persons and whether or not for authorized purposes.
I certify that I am the Secretary/Acting
Secretary of the Board of Directors of the Company, and that the
foregoing is a true and complete copy of Resolutions adopted by
the Board on ________________________________ [insert date of
passage of Resolution] either (a) at a meeting duly called and
held, at which a quorum was present and acting throughout, or
(b) pursuant to authorized action by unanimous written consent;
and further that the above has not been amended, modified, or
repealed. I certify under penalty of perjury under the laws of
the State of California that the foregoing is true and correct,
of my own personal knowledge.
| DATE:
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Secretary:
__________________________ |
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Print Name:
__________________________ |
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