Michigan Authority to Issue Additional Shares
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How to fill out Authority To Issue Additional Shares?
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FAQ
Under the General Corporation Act of Michigan,8 it is provided that the books of the corporation shall be kept so as clearly to indicate the cumulative effect of purchases of treasury stock, either by showing the cost of such respective purchases as a deduction from sur- plus or by classifying the surplus account in ...
The number of authorized shares per company is assessed at the company's creation and can only be increased or decreased through a vote by the shareholders. If at the time of incorporation the documents state that 100 shares are authorized, then only 100 shares can be issued.
Sec. 336. (1) Unless the articles of incorporation or bylaws provide otherwise, the board may authorize the issuance of some or all of the shares of any or all of its classes or series without certificates.
Sec. 488. (1) An agreement among the shareholders of a corporation that complies with this section is effective among the shareholders and the corporation even though it is inconsistent with this act in 1 or more of the following ways: (a) It eliminates the board or restricts the discretion or powers of the board.
Firm Shares means the number of newly issued shares of Class A Common Stock specified as "Firm Shares" in the Underwriting Agreement included in the Public Offering.
Attributable Number of Shares means with respect to Equity Interests (other than Shares) sold by Purchaser as part of the financing of the Initial Repurchase or sold in any Replacement Equity Financing, a number of Shares equal to the quotient of the aggregate gross proceeds of the sale of Equity Interests (other than ...