The Minnesota Authority to Issue Additional Shares refers to the legal power granted to Minnesota corporations to increase the number of authorized shares of stock that they can issue. This authority enables corporations to raise additional capital by selling more shares to existing shareholders or new investors. In Minnesota, there are different types of authority that corporations can have to issue additional shares. These include: 1. General Authority: Under Minnesota law, corporations have the general authority to issue additional shares unless their articles of incorporation specify otherwise. This means that unless stated otherwise in the articles, the corporation can increase the number of authorized shares without seeking shareholder approval. 2. Limited Authority: Corporations may have limited authority to issue additional shares, which means they can only do so up to a certain limit specified in their articles of incorporation. This limit can be expressed in terms of a specific number of shares or a percentage of the existing authorized shares. Any issuance beyond this limit requires shareholder approval. 3. Board Approval: Some corporations may have specific provisions in their articles of incorporation mandating that board approval is required for any additional share issuance. This restricts the authority to issue additional shares to scenarios where the board of directors has reviewed and consented to the issuance. 4. Shareholder Approval: Some circumstances may necessitate shareholder approval for any additional share issuance. This typically occurs when the articles of incorporation restrict the authority to issue additional shares, requiring the shareholders' vote to approve any such issuance. The Minnesota Authority to Issue Additional Shares plays a crucial role in the corporate finance landscape, providing corporations with the flexibility to raise capital and expand their operations. It is important for businesses to understand the specific type of authority they possess regarding additional share issuance, as it affects the decision-making process and compliance with legal requirements.
Minnesota Authority to Issue Additional Shares
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