This excerpt taken from the PACR 10-K filed Mar 2, 2006.
ARTICLE 19. Representations of Authority
Each party represents and warrants to the other party that: (a) it is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and it has the corporate power and is authorized under its governing certificate or articles and its bylaws to carry on its business as now conducted; (b) the execution of this Contract and the consummation of the transactions contemplated hereunder will not result in any violation or default of or conflict with governing documents, any agreement to which it is a party or by which it is bound, or any law, judgment or regulation of any governmental authority; (c) it has performed all corporate actions and received all corporate authorizations necessary to execute and deliver this Contract and to perform its obligations hereunder; (d) upon execution and delivery, this Contract is the valid, binding and enforceable on such party in accordance with its terms; (e) the representative signing on behalf of such party is duly authorized to execute and deliver this Contract on behalf of such party; and (f) such representatives signature on this Contract is sufficient to bind such party to perform in accordance with the terms and conditions contained in this Contract.
Buyer and Seller have caused this Contract to be executed in two counterparts as of the date and year first above written.