"Authorized shares" refers to the number of shares the corporation is allowed to issue under its certificate or articles of incorporation. Guide to what are Authorized Shares.We compare them with issued and outstanding shares and explain how to calculate them. Authorized shares are the maximum number of shares that a company is permitted to issue to investors, as laid out in its articles of incorporation. Authorized stock is the maximum number of shares that a corporation is legally permitted to issue, as specified in its articles of incorporation. Below is a quick explanation of the terms; thanks for reading. The Fair Access to Insurance Requirements (FAIR) Plan is a program designed to provide property insurance coverage for homeowners and businesses.