The capital is expressed in terms of the number of shares authorized. Authorized stock is the maximum number of shares that a corporation is legally permitted to issue, as specified in its articles of incorporation.Subject to the rights of the holders of any class of capital stock of the Corporation (other than the common stock) then outstanding, the shareholders may. Authorized shares become issued shares when "issued" or distributed to a stockholder. 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. Outstanding shares of stock (including nonvoting stock). Stock is issued to shareholders via stock certificates. Your legal capital is the amount of equity that has to stay in the business. Authorized Capital Stock. Carta's platform of software and services helps people manage equity, build businesses, and invest in the companies of tomorrow.