Outstanding shares are shares of stock that have been issued. By phone 0 800 05 10 10 (freephone in France) from am to pm, Monday to Friday (CET).Authorized shares, or authorized stock, are simply a legally allowed maximum number of shares that a company can issue to investors. Authorized shares is the maximum number of shares that the board of directors is "authorized", or allowed to issue. Complete, sign, and record the requisite paperwork, fill out any government forms, and voila, your startup has issued stock to its cofounders. "Authorized shares" refers to the number of shares the corporation is allowed to issue under its certificate or articles of incorporation. Authorized stock refers to the maximum number of shares a company is legally permitted to issue, as outlined in its corporate charter. Authorized share capital is the number of stock units that a company can issue as stated in its memorandum of association or articles of incorporation. Authorized shares are the total number of shares that a company is legally permitted to issue. When is board approval required?