BOARD RESOLUTION NO.

___, SERIES OF 20__

AUTHORITY TO DISPOSE OF ASSET OR PROPERTY BY SALE

We, being a majority of the members of the Board of Directors of

__________________________________, with office address
at ______________________________, hereby certify that during a
special meeting of the Board of Directors for the purpose of winding up the
affairs of the cooperative at the above-mentioned principal office of the
Cooperative on _____________________, at which a quorum was
present and acting throughout, the following resolution was duly approved:

“RESOLVED, that the Board of Directors of

__________________________________ (the “Cooperative”
for brevity), approve, as it hereby approves, the sale of a parcel of land
known as LOT NO._____________ with an area of
__________________ (____) Square Meters, more or less situated at
________________________________ acquired by the cooperative
by virtue of a Deed of Absolute Sale last
_______________________________, in his personal capacity as
buyer. The proceeds of the sale shall be for the equal distribution among
all the members of the Cooperative;
“RESOLVED FURTHER, that the Board of Directors has declared, as it
hereby declares, that the foregoing property above-mentioned is no longer
needed by the Cooperative since it is now dissolved and on the stage of
winding up its assets and liabilities if any.
“RESOLVED FURTHER, that the Treasurer,
____________________, be as she is hereby, authorized to sign,
execute and deliver on behalf of the Cooperative such documents as may be
required or necessary to effect the above sale for and in the name of the
Cooperative.
“RESOLVED FINALLY, that the foregoing Resolution has not been
amended, modified or repealed and may be relied upon until written notice
is received from the Cooperative.

IN WITNESS WHEREOF, We have hereunto affix our signatures this

_________________ at ________________________________.
____________________ _________________
(Name & Signature of Director) (Name & Signature of Director)

____________________ _______________
(Name & Signature of Director) (Name & Signature of Director)

________________
(Name & Signature of Secretary)