Changes in authorized shares. Section 1521 - Authorized shares (a) General rule.Read all instructions prior to completing. Authorized Shares: List the total number of shares you are creating. Stock corporations must create at least one share. Shares can be issued only once, but they can be sold and traded. Those who own or are given shares are known as shareholders. What are Authorized Shares? State law specifies that shares of stock in the corporation will be issued under the direction of the board of directors. The owners may be issued stock certificates to serve as proof of ownership in the corporation.