Shreveport Louisiana Resolution of Board of Directors - Authorization for Execution of Act of Subordination

• Category: Louisiana Corporations - Minutes and Resolutions
• State: Louisiana
• City: Shreveport
• Control #: LA-5488
• Format: Word; Rich Text

Description

In this example, the board of directors of a corporation resolves to authorize its vice president to execute an Act of Subordination covering a certain parcel of real estate. Subordination means an agreement to put a debt or claim which has priority in a lower position behind another debt, particularly a new loan. A property owner with a loan secured by the property who applies for a second mortgage to make additions or repairs usually must get a subordination of the original loan so the new loan has first priority. Shreveport Louisiana Resolution of Board of Directors — Authorization for Execution of Act of Subordination is an important legal document that validates a specific action taken by the Board of Directors in regard to subordination agreements. In Shreveport, there are several variations of this resolution that may be adopted, including: 1. General Authorization for Execution of Act of Subordination: This type of resolution grants the Board of Directors the authority to execute any act of subordination on behalf of the corporation. It allows them to subordinate the corporation's rights to the rights of another party, usually a lender or a creditor. 2. Specific Authorization for Execution of Act of Subordination: In certain situations, a resolution may be drafted to authorize the Board of Directors to execute a specific act of subordination. This could include subordinating the corporation's lien on a particular property to a new mortgage or subordinating the corporation's interest in certain assets to secure a loan. 3. Temporary Authorization for Execution of Act of Subordination: Sometimes, a resolution may only grant temporary authority for the execution of an act of subordination. This may be necessary when a specific opportunity or agreement arises that requires prompt action, but the board does not want to grant permanent authority. The primary purpose of this resolution is to establish the board's consent and authorization for the act of subordination. It outlines the specific terms and conditions under which the subordination can take place, ensuring that the board acts in the best interest of the corporation and its stakeholders. Keywords: Shreveport Louisiana, Resolution of Board of Directors, Authorization for Execution, Act of Subordination, subordination agreements, specific authorization, general authorization, temporary authorization.

Shreveport Louisiana Resolution of Board of Directors — Authorization for Execution of Act of Subordination is an important legal document that validates a specific action taken by the Board of Directors in regard to subordination agreements. In Shreveport, there are several variations of this resolution that may be adopted, including: 1. General Authorization for Execution of Act of Subordination: This type of resolution grants the Board of Directors the authority to execute any act of subordination on behalf of the corporation. It allows them to subordinate the corporation's rights to the rights of another party, usually a lender or a creditor. 2. Specific Authorization for Execution of Act of Subordination: In certain situations, a resolution may be drafted to authorize the Board of Directors to execute a specific act of subordination. This could include subordinating the corporation's lien on a particular property to a new mortgage or subordinating the corporation's interest in certain assets to secure a loan. 3. Temporary Authorization for Execution of Act of Subordination: Sometimes, a resolution may only grant temporary authority for the execution of an act of subordination. This may be necessary when a specific opportunity or agreement arises that requires prompt action, but the board does not want to grant permanent authority. The primary purpose of this resolution is to establish the board's consent and authorization for the act of subordination. It outlines the specific terms and conditions under which the subordination can take place, ensuring that the board acts in the best interest of the corporation and its stakeholders. Keywords: Shreveport Louisiana, Resolution of Board of Directors, Authorization for Execution, Act of Subordination, subordination agreements, specific authorization, general authorization, temporary authorization.