Wyoming Proposal to amend the articles of incorporation to increase authorized common stock and eliminate par value with amendment
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How to fill out Proposal To Amend The Articles Of Incorporation To Increase Authorized Common Stock And Eliminate Par Value With Amendment?
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FAQ
The maximum number is established in a company's legal formation documents, known as the articles of incorporation. Also referred to as authorized stock or authorized capital stock, there is no limit as to the total number of shares that can be authorized within these documents for a larger company.
Articles of Incorporation must be amended to alert the state to major changes. Changes that qualify for state notification include changes to: address. company name.
The number of authorized shares can be increased by the shareholders of the company at annual shareholder meetings, provided a majority of the current shareholders vote for the change.
Action without meeting. (a) Unless the articles of incorporation or bylaws provide otherwise, action required or permitted by this act to be taken at a board of directors' meeting may be taken without a meeting if the action is taken by the requisite number of members of the board.
HOWEVER, it's important to know the consequences of authorizing more stock shares before you do. In brief, increased stock means increased capital?yay! At the same time, creating more stock means all existing shareholders suddenly own a smaller percentage of your company, which can decrease shareholder value.
Yes, a company can change the number of authorized shares it is allowed to issue. Public companies must often notify existing shareholders and call for a shareholder vote. The measure is then often reviewed at the following shareholder meeting.
Issuing of extra shares will require a resolution to be passed by a general meeting of the company shareholders. The only way of avoiding diluting the company further by issuing shares to new investors is by existing shareholders taking up the extra shares on top of their own.
Company can increase its Authorized Share Capital, only if it is authorized by its Articles of Association and after obtaining approval of members by passing an ordinary resolution in Extra-Ordinary general meeting of the company. [Section 61(1)].