California Proposed Amendments to the Articles of Incorporation to increase shares with exhibit
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How to fill out Proposed Amendments To The Articles Of Incorporation To Increase Shares With Exhibit?
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FAQ
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.
Because a corporation's Articles of Incorporation include the number of authorized shares and par value of those shares, a share amendment must be filed with the state in order to change this information.
In California, a corporation must authorize at least one share but may authorize any number. You, as the founder, can be the sole stockholder and own all authorized shares yourself, or you can issue shares to others who you desire to co-own the corporation.
To amend (change, add or delete) provisions contained in the Articles of Incorporation, it is necessary to prepare and file with the California Secretary of State a Certificate of Amendment of Articles of Incorporation in compliance with California Corporations Code sections 900-910.
Conduct the extraordinary general meeting and obtain the approval of the shareholders to increase the authorized share capital on the time, date, and place that is mentioned on the notice. The approval of the shareholders to increase the authorized capital must be in the form of an ordinary resolution.
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.
HOWEVER, it's important to know the consequences of authorizing more stock shares before you do. In brief, increased stock means increased capital?yay! At the same time, creating more stock means all existing shareholders suddenly own a smaller percentage of your company, which can decrease shareholder value.
Articles of Incorporation must be amended to alert the state to major changes. Changes that qualify for state notification include changes to: address. company name.