Proposal to amend certificate of incorporation to authorize a preferred stock
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FAQ
Some corporations issue both common stock and preferred stock. However, most corporations issue only common stock. In other words, it is necessary that a business corporation issue common stock, but it is optional whether the corporation will decide to also issue preferred stock.
You will have to pay a fee for the following types of amendments: Amalgamation: $50. Continuance: $50. Name change: $25.
Preferred stock is authorized when a corporation files the corporation.For example, a corporation may authorize 100,000,000 shares of common stock and 10,000,000 shares of preferred stock. Preferred Stock is usually issued for special situations, for example to certain investors.
Generally, all shareholders and board members may vote on bylaw amendments, but this can vary from company to company. Find out if you need a simple majority, two-thirds majority or some other minimum number of votes to adopt an amendment.
Sometimes, however, only some shareholders can vote. In some states, officers or directors may change the articles of incorporation even if only these voting shareholders have concluded that they want to make changes. In other states, the shareholders may not even need to approve the change.
Obtain articles of amendment of the articles of incorporation (sometimes called the certificate of amendment of articles of incorporation) from your state's Secretary of State. Obtain a copy of the original articles of incorporation. Propose the change in the articles of incorporation to the Board of Directors.
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.
Unless otherwise prescribed by this Code or by special law, and for legitimate purposes, any provision or matter stated in the articles of incorporation may be amended by a majority vote of the board of directors or trustees and the vote or written assent of the stockholders representing at least two-thirds (2/3) of
