Capital Stock Definition In New York
State:
Multi-State
Control #:
US-0040-CR
Format:
Word;
Rich Text
Instant download
Description
The document titled 'Resolution of the Board of Directors' serves as a formal record of decisions made regarding the issuance of common stock in a business corporation in New York. 'Capital stock' refers to the total shares authorized by a corporation to be issued and is a critical component of business structure. This resolution outlines the procedures for issuing shares based on cash payments or in exchange for assets, ensuring clarity on who receives shares and the respective values involved. Key features include the authorization of the President and Secretary to issue stock certificates and specify the par value of shares. For proper filing, the document should be completed with names, shares, and considerations, following established corporate bylaws. Use cases for this document are relevant to attorneys for compliance and legal verification, partners and owners needing clarity on equity distribution, and paralegals or legal assistants responsible for document preparation. It functions to protect the interests of shareholders and maintain accurate corporate records.
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