Washington Approval of authorization of preferred stock

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US-CC-3-173E
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This sample form, a detailed Approval of Authorization of Preferred Stock document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.
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FAQ

Blank check preferred stock facilitates the ability of the company to adopt a "white squire" defense when faced with a hostile bid, which involves sale to a friendly party (i.e., a party that is interested in making an investment in, but presumably is not seeking to gain control of, the target) of a block of the ...

The most common issuers of preferred stocks are banks, insurance companies, utilities and real estate investment trusts, or REITs. Companies issuing preferreds may have more than one offering for you to vet. Often you may find several different offerings of preferreds from the same issuer but with different yields.

Under current Section 312.03(b), shareholder approval is required when a company sells shares to a related party if the amount to be issued exceeds 1% of the number of shares or voting power outstanding before issuance.

Voting rights: Common stocks offer stockholders the opportunity to vote in company shareholder meetings on factors that impact their stock ownership. Preferred stockholders give up this right in exchange for consistent dividend payouts.

Issuance of Preferred Stock: When a company issues preferred stock, it debits (increases) the cash account on the balance sheet for the total value received and credits (increases) the ?preferred stock? account in the equity section of the balance sheet.

The number of authorized shares can be changed by way of a vote from shareholders, typically during the annual shareholder meeting.

Board approval, either by written consent or at a board meeting (for more about the differences between board consents and board meetings, please see our article), is required for every issuance of a security, whether that security is common stock, preferred stock, a warrant, an option or a note that is convertible ...

Issuing new shares typically requires approval from the company's shareholders. This may involve holding a vote at a shareholder meeting or obtaining written consent from a majority of shareholders. The approval process will depend on the company's bylaws and state laws governing the issuance of new shares.

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Washington Approval of authorization of preferred stock