Delaware Proposal to amend stock purchase plan
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How to fill out Proposal To Amend Stock Purchase Plan?
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FAQ
Section 228 rules that unless otherwise described in a company's certificate of incorporation, shareholders have the right to proceed with any action that would typically be done at a meeting of shareholders, but are not required to have a meeting, give prior notice or hold a vote.
If you already have par value and you want to raise or lower it, things are a bit more complicated. Typically, you can't just make an amendment saying you now have a new par value. Instead, the most common way that corporations change their par value is with a stock split (or reverse stock split).
Limits on the Number of Shared Stock Specifically, Delaware's Division of Corporations will allow up to 1,500 shares of no par stock before you're hit with an additional filing fee. In the end, franchise taxes for high amounts of no par stock may prove to be very expensive.
Some states allow corporate stock to be issued with no par value. In this event, "no par value" should be printed on the stock certificates. Purchasers of no par value shares don't have to worry about being liable to corporate creditors if they pay too little for the shares.
One of the benefits of incorporating a company in Delaware is the flexibility of the corporate structure. With stock amendments, you can increase or decrease the number of shares your Delaware company has authorized; you can also add or remove classes of stock and/or modify the par value of the stock.
§ 243. Retirement of stock. (a) A corporation, by resolution of its board of directors, may retire any shares of its capital stock that are issued but are not outstanding.
Section 262 of the DGCL has been amended to (i) expand the transactions pursuant to which statutory appraisal rights are available in order to include transfers, domestications, and continuances and (ii) require that withdrawal of a demand for appraisal rights be made within 60 days following the effective date of the ...
A change in par value usually occurs when a company's stock is split. The par value is typically listed on stock certificates and usually does not represent the stock's actual value.