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    The Board of Directors of TAHO Po! Corporation passed Board Resolution No. 1 to mortgage an 86,000 square meter parcel of land in the Kalayaan Islands, Spratlys to Richard Bank as security for a loan to its sister corporation, INTSIK FOOD CORPORATION. The resolution will be submitted for approval by stockholders at a special meeting on January 20, 2008. If approved, the treasurer Jeno Sanchez is authorized to sign documents to execute the mortgage on behalf of TAHO Po! Corporation.

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    The Board of Directors of TAHO Po! Corporation passed Board Resolution No. 1 to mortgage an 86,000 square meter parcel of land in the Kalayaan Islands, Spratlys to Richard Bank as security for a loan to its sister corporation, INTSIK FOOD CORPORATION. The resolution will be submitted for approval by stockholders at a special meeting on January 20, 2008. If approved, the treasurer Jeno Sanchez is authorized to sign documents to execute the mortgage on behalf of TAHO Po! Corporation.

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    © All Rights Reserved
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    26 views3 pages

    Board Resolution No 1

    Uploaded by

    bobbyricky
    The Board of Directors of TAHO Po! Corporation passed Board Resolution No. 1 to mortgage an 86,000 square meter parcel of land in the Kalayaan Islands, Spratlys to Richard Bank as security for a loan to its sister corporation, INTSIK FOOD CORPORATION. The resolution will be submitted for approval by stockholders at a special meeting on January 20, 2008. If approved, the treasurer Jeno Sanchez is authorized to sign documents to execute the mortgage on behalf of TAHO Po! Corporation.

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    © All Rights Reserved
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    of 3

    Board Resolution No.

    MORTGAGING COPORATION’S PROPERTY IN KALAYAAN ISLANDS, SPRATLYS

    WHEREAS, the TAHO Po! Corporation has been recognized as the leading provider of taho in
    the Philippines with its gross sales reaching up to two million taho with profits of fifty million
    (P50,000,000) pesos;

    WHEREAS, it has been determined that its sister corporation, INTSIK FOOD CORPORATION,
    is in need of financial help in the purchase of two tikoy and hopia maker machines 2008 series;

    WHEREAS, to finance such undertaking INTSIK FOOD CORPORATION has to obtain a loan
    from RICHARD BANK;

    WHEREAS, it is in the best interest of the corporation to help out its sister corporation by
    providing security to its loan with the bank;

    NOW THEREFORE BE IT RESOLVED That the Board of Directors of TAHO Po!


    Corporation, hereinafter referred to as “Corporation”, hereby authorizes the Corporation to
    mortgage the parcel of land situated in Kalayaan Island, Spratlys with an area of Eighty Six
    Thousand (86,000) square meters with TCT No. 123456789 registered under the name of the
    Corporation with Richard Bank as security for the loan of INTSIK FOOD CORPORATION as
    shown in this Board Resolution No. 1, substantially in the form presented and that the matters
    and things in this resolution, be in all things approved, authorized and agreed to.

    RESOLVED FURTHER, That this Board Resolution No. 1 be submitted to the stockholders of
    the Corporation at a special meeting thereof to be held on January 20, 2008 at 2:00 P.M. at the
    7th Floor, Citibank Tower, Paseo de Roxas, Makati City for the purpose of obtaining their
    approval for the said mortgage of the Corporation’s property, and that notice of time, place and
    object of such meeting shall be given to the stockholders in accordance with the By-laws of the
    Corporation.
    RESOLVED FURTHER, That Board Resolution No. 1 shall be adopted by the Corporation’s
    stockholders as required by law at said special meeting, Jeno Sanchez, the treasurer of the
    Corporation is hereby authorized and directed to sign, execute and deliver, in the name and on
    behalf of the Corporation, the mortgage, and such other documents and deeds, and to take such
    steps, and to do such thing as may be prescribed by law or as they may deem proper or necessary
    in the premises.

    RESOLVED FINALLY That the Corporation be furnished a copy of the foregoing resolution for
    its guidance and may continue to rely on the authority conferred thereon unless and except to the
    extent that the foregoing resolutions shall be revoked or modified by the receipt of any
    subsequent resolution/s of the Board of Directors of the Corporation.

    Eunice Monsod
    Corporate Secretary

    ATTESTED

    Shelly Lim
    President

    APPROVED BY:

    Diaz J.Lumawag
    Ylagan
    Ana Diaz Joan Lumawag Melodie Ylagan
    Director Director Director

    Sanchez
    Jeno Sanchez
    Director

    SUBSCRIBED AND SWORN to before me this 8th day of January 2008, at Makati City, affiant
    exhibiting TIN No. 123456789 issued on January 1, 2008, at Makati City.

    Ogie Fermo
    Notary Public for Makati City
    Commission Number 876457
    Until December 31, 2008
    345 Morato Street, Makati City
    PTR Number 987653;01/31/08; Makati City

    Doc. Number 1;
    Page Number 1;
    Book Number 1;
    Series of 2008.

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