New York Amendment to the articles of incorporation to eliminate par value
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How to fill out Amendment To The Articles Of Incorporation To Eliminate Par Value?
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FAQ
Like a constitution, a corporation's certificate of incorporation may be amended at any point in the future. It is not a "forever" contract. A board of directors together with the corporation's stockholders can amend a certificate of incorporation.
How to Amend Articles of Association Review Existing Articles of Association. ... Propose Amendments. ... Hold a Meeting to Pass a Resolution. ... File Amended Articles of Association. ... Update Internal Records.
How to Amend Articles of Incorporation Review the bylaws of the corporation. ... A board of directors meeting must be scheduled. ... Write the proposed changes. ... Confirm that the board meeting has enough members attending to have a quorum so the amendment can be voted on. Propose the amendment during the board meeting.
If you already have par value and you want to raise or lower it, things are a bit more complicated. Typically, you can't just make an amendment saying you now have a new par value. Instead, the most common way that corporations change their par value is with a stock split (or reverse stock split).
The Articles of Incorporation are like the constitution of the corporation that provides a broad framework for its establishment, whereas the bylaws can be likened to the individual laws that must be consistent with the Articles of Incorporation.
Complete and file the Certificate of Amendment with the Department of State. The completed Certificate of Amendment, together with the statutory filing fee of $60, should be forwarded to: New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231.
Probably the two most common reasons for amending the Articles are to effect: a change of the name, and. a change of the purpose statement.
Definition of Corporation It is an artificial being, created operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incident to its existence.