Cooperative’s Letterhead

BOARD RESOLUTION NO. ____

(Authorizing the Cooperative to join the CSF)

WHEREAS, certain cooperatives and foundation in the Province of

_______________ have agreed to pool their resources to form a surety fund that
will enhance the credit worthiness of their members who are engaged in micro,
small and medium enterprises (MSMEs) with respect to the loans that may be
obtained by the MSMEs from banking institutions;

WHEREAS, the Provincial Government of _____________ has agreed to

provide a counterpart funding to the surety fund equivalent to the same amount
that said cooperatives and foundations have pledged to invest or contribute to
the surety fund;

WHEREAS, the participation of the < Name of Cooperative > in the said
surety fund will expedite the social and economic development of the community
that it serves, its members and the cooperative itself, thus, enabling < Name of
Cooperative > to play a more significant role in the nation building;

BE IT RESOLVED, AS IT HEREBY RESOLVED, to authorize the < Name

of Cooperative > to make an initial investment of < Amount > to the
_____________ Credit Surety Fund and to authorize < Name of Authorized
Representative > to sign any and all documents that will give effect to such
investment and represent < Name of Cooperative > in all activities of said surety
fund.

APPROVED this ___ day of < Month > < Year > during the regular
meeting of the Board of Directors held in < Venue of Meeting >.

< Name > < Name > < Name > < Name >
Chairman Vice Chairman Director Director