RESOLVED, that the officers of Madison, Inc. shall be obligated to repay to the corporation any amount paid to such officers as salary that has been disallowed as a deduction by the Internal Revenue Service in the computation of the corporation's taxable income.
I, Fred Flood, do hereby certify that I am the duly elected and qualified Secretary of Madison, Inc., a corporation organized and existing under the laws of the State of Vermont, and that the above is a true and correct copy of a resolution adopted at a meeting of the Board of Directors thereof, convened and held in accordance with the Bylaws of said Corporation on June 15, 1999 and that such resolution is now in full force and effect.
IN WITNESS WHEREOF, I have affixed my name as Secretary and have caused the corporate sale of Madison, Inc. to be hereunto affixed, this 15th day of June, 1999.
________________________
Secretary
Copyright 1999 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete
summary of all materials on the subject.--ISSN 1089-1536
--Last update 06/13/99