Xstrata said its independent non-executive directors only intended to recommend unanimously the first resolution.

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In a letter to shareholders ahead of the AGM, Alliance said the resolution would, if passed, require the directors to "conduct a comprehensive review of the company to determine what steps can be taken to improve the management of the company's affairs".

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The good bank will be folded into Bank of Cyprus (BoC), using the Bank Resolution Framework, after having heard the Boards of Directors of BoC and Laiki.

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He downloaded a sample certificate of a corporate resolution, which is typically used to record an action taken by a company's board of directors.

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