The Arizona Authority to Issue Additional Shares refers to the legal power granted to corporations in the state of Arizona to increase the number of shares they can issue to shareholders. This authority is defined and regulated by Arizona corporate laws, specifically the Arizona Revised Statutes (AS) Title 10 — Corporations and Associations. Corporations seek to increase their authorized shares for various reasons, such as raising additional capital, facilitating mergers and acquisitions, conducting stock splits, or rewarding employees with stock options. The Arizona Authority to Issue Additional Shares is an important mechanism that enables corporations to adapt to evolving business needs and shareholder demands. Under Arizona law, the Arizona Authority to Issue Additional Shares is typically granted by the corporation's articles of incorporation. The articles of incorporation contain essential information about the corporation, including its name, purpose, registered agent, authorized shares, and the authority granted to the board of directors to issue additional shares. There are two primary types of Arizona Authority to Issue Additional Shares: 1. Authorized but Unis sued Shares: When a corporation obtains authorization for a certain number of shares in its articles of incorporation but does not immediately issue all of them, these are called authorized, but unis sued shares. The corporation holds the authority to allocate and issue these shares at a later date, subject to compliance with applicable laws and its own bylaws. 2. Authorized and Issued Shares: Authorized and issued shares are those that have been duly authorized by the articles of incorporation and have already been allocated to specific shareholders. These shares represent the ownership interests held by the shareholders in the corporation. Authorized and issued shares may include both common stock and preferred stock, depending on the terms outlined in the articles of incorporation. It is important to note that any issuance of additional shares must comply with all relevant legal requirements and follow the proper corporate governance procedures outlined in Arizona law. Failure to comply with these regulations may lead to legal consequences and challenges from shareholders. In summary, the Arizona Authority to Issue Additional Shares provides corporations in Arizona with the flexibility to increase their issued share capital to meet various business needs. This authority allows corporations to adapt and respond to changes in the market while ensuring compliance with the applicable legal framework.
Arizona Authority to Issue Additional Shares
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Either the directors or shareholders of a company may increase or decrease the number of authorised shares for a particular share class by amending the Memorandum of Incorporation (?MOI?) and filing a COR15. 2 with the CIPC.
The number of shares represents the authorized shares. The number of authorized shares can be increased by the shareholders of the company at annual shareholder meetings, provided a majority of the current shareholders vote for the change.
The number of authorized shares can be changed by way of a vote from shareholders, typically during the annual shareholder meeting.
Issuing of extra shares will require a resolution to be passed by a general meeting of the company shareholders. The only way of avoiding diluting the company further by issuing shares to new investors is by existing shareholders taking up the extra shares on top of their own.
The amount of capital stock that a company issues is usually initially stated in its company charter, which is the legal document used to start a corporation. However, a company commonly has the right to increase the amount of stock it's authorized to issue through approval by its board of directors.
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