Massachusetts Authority to Issue Additional Shares
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How to fill out Authority To Issue Additional Shares?
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FAQ
Director information The following are the Massachusetts requirements for directors of corporations: Minimum number. Corporations must have no fewer than three directors, unless there are two or fewer shareholders. In such case, there may be one or two directors.
Checking your company documents These rules provide that the directors of your company must offer new shares to existing shareholders before offering them to a third party. This is known as a right of first refusal. As such, a board of directors may need to approve the issue of new shares prior to selling them.
Rules enacted by the NYSE, the NASD, and the American Stock Exchange require a vote at the share- holders' meeting when a listed corporation issues an amount of new common shares exceeding 20% of the outstanding ones, if the issuance is not made through a public offer for cash. '
For example, the articles may state that new shares can only be issued to existing shareholders and their family members. If your company has only one class of share a director can allot shares of that existing class without prior shareholder approval, provided that the articles do not prohibit such an action.