The Virginia Authority to Issue Additional Shares is a legal provision that pertains to the ability of a corporation incorporated in the state of Virginia to increase its authorized share capital. By acquiring this authority, a corporation can issue additional shares of stock beyond its originally authorized amount, which can be crucial for raising additional capital, facilitating mergers and acquisitions, or rewarding shareholders. One type of Virginia Authority to Issue Additional Shares is known as the "General Virginia Authority to Issue Additional Shares." Under this type, a corporation can propose and authorize an increase in its authorized share capital, subject to compliance with relevant laws, regulations, and its own articles of incorporation. By obtaining the approval of the corporation's board of directors and shareholders, the company can bolster its financial position and adapt to changing market conditions. Another type of Virginia Authority to Issue Additional Shares is the "Specific Virginia Authority to Issue Additional Shares." This particular type is commonly utilized when a corporation plans to issue additional shares for specific purposes, such as employee stock option plans, convertible securities, or a private offering to select investors. This type of authority requires the corporation to outline the purpose and terms of the additional shares in detail, ensuring transparency and protecting shareholders' interests. The Virginia Authority to Issue Additional Shares is an essential mechanism for companies seeking growth, expansion, or financial flexibility. It enables corporations to adapt to evolving market demands, finance new projects, reduce outstanding debt, or strategically capitalize on investment opportunities. However, it is vital for corporations to follow the correct legal procedures and obtain necessary approvals from shareholders and relevant regulatory agencies to exercise this authority effectively. It is worth noting that while these descriptions of the Virginia Authority to Issue Additional Shares provide a general overview, specific legal advice should always be sought from professionals experienced in Virginia corporate law. Corporations should consult their legal advisors to understand the precise requirements, limitations, and implications associated with obtaining this authority and issuing additional shares. By doing so, corporations can safeguard their legal standing while leveraging the benefits provided by the Virginia Authority to Issue Additional Shares.
Virginia Authority to Issue Additional Shares
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A. Where no shares of the corporation are issued and outstanding, a corporation's board of directors may adopt an amendment of the corporation's articles of incorporation without shareholder approval.
One or more classes or series of shares, which may be the same class or classes or series as those with voting rights, that together are entitled to receive the net assets of the corporation upon dissolution.
No individual shall be named or elected as a director without his prior consent.
A Shareholders' Consent to Action Without Meeting, or a consent resolution, is a written statement that describes and validates a course of action taken by the shareholders of a particular corporation without a meeting having to take place between directors and/or shareholders.
Any person, whether or not then a director, may provide that a consent to action as a director shall be effective at a future time, including the time when an event occurs, but such future time shall not be more than 60 days after such provision is made.
Except to the extent that the articles of incorporation or bylaws require that action by the board of directors be taken at a meeting, action required or permitted by this chapter to be taken by the board of directors may be taken without a meeting if each director signs a consent describing the action to be taken and ...
Action without meeting. A. Action required or permitted by this chapter to be taken at a shareholders' meeting may be taken without a meeting if the action is taken by all the shareholders entitled to vote on the action, in which case no action by the board of directors shall be required.
Except to the extent that the articles of incorporation or bylaws require that action by the board of directors be taken at a meeting, action required or permitted by this chapter to be taken by the board of directors may be taken without a meeting if each director signs a consent describing the action to be taken and ...