Description: The San Antonio Texas Amendment to Articles of Incorporation serves as a crucial legal document that outlines the guidelines and provisions for paying distributions out of any funds legally available for a corporation incorporated in San Antonio, Texas. This amendment ensures that the corporation follows the necessary procedures while allocating funds for distributions to its shareholders or equity holders. The amendment includes various types, each addressing specific aspects related to paying distributions to stakeholders. Some different types of San Antonio Texas Amendment to Articles of Incorporation regarding paying distributions out of any funds legally available therefor are: 1. General Distribution Guidelines: This type of amendment provides an overall framework for paying distributions to shareholders by establishing the eligibility criteria, frequency, and any limitations associated with such distributions. It clarifies the conditions under which funds can be used for distributions, ensuring that they are legally available and in compliance with local and state laws. 2. Reserved Funds Allocation: This amendment type highlights the reservation of certain funds for specific purposes, such as reinvestment or capital preservation. It outlines the criteria for utilizing these reserved funds, ensuring that they are not included when calculating the amount available for distributions. 3. Dividend Payment Amendment: This specific type of amendment focuses on dividend payments to shareholders. It details the procedures, terms, and conditions for dividend distributions, ensuring compliance with state laws, and protecting the rights of shareholders. It may address factors like dividend calculation methods, dividend declaration dates, and dividend payment dates. 4. Preferred Shareholder Distribution Amendment: This amendment is aimed specifically at corporations with preferred shareholders. It outlines the rules and regulations surrounding distributions for preferred shareholders, including the priority of preferred dividends to common dividends and any restrictions or preferences granted to these shareholders. 5. Distribution Source Clause: This type of amendment specifically identifies the sources of funds legally available for distributions. It ensures that distributions are made from approved sources, such as retained earnings, capital surplus, or other legally permissible funds, preventing any unauthorized use of funds or potential conflicts. Overall, the San Antonio Texas Amendment to Articles of Incorporation regarding paying distributions out of any funds legally available therefor brings clarity and compliance to the distribution process of a corporation. By implementing the appropriate amendment type(s), a corporation can ensure transparent, lawful, and efficient distribution practices, promoting investor confidence and corporate governance.
San Antonio Texas Amendment to Articles of Incorporation regarding paying distributions out of any funds legally available therefor
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The articles of incorporation of a nonstock corporation may be amended by the vote or written assent of majority of the trustees and at least two-thirds (2/3) of the members. The original and amended articles together shall contain all provisions required by law to be set out in the articles of incorporation.
Under the Guidelines, the corporation may amend its articles of incorporation to reflect its perpetual corporate term by a vote of majority of the board of directors or trustees and stockholders representing a majority of its outstanding capital stock, including the non-voting shares, or a majority of the members in
When a change in the corporate name is approved, the Commission shall issue an amended certificate of incorporation under the amended name. Sec. 19. Commencement of corporate existence.
How to Amend Articles of Incorporation Review the bylaws of the corporation.A board of directors meeting must be scheduled.Write the proposed changes.Confirm that the board meeting has enough members attending to have a quorum so the amendment can be voted on. Propose the amendment during the board meeting.
Unless the company has only a single director and shareholder any change to the Articles of Association will require a special resolution to be passed. This means that it will require the agreement of 75% of shareholders.
Provided you've a genuine reason to change the Articles, you can normally do this by having the shareholders pass a 'special resolution' one that's agreed by at least 75% of the shareholders. This can be done either by written resolution or in a shareholder meeting.
As can be gleaned from the foregoing, there are three (3) basic requirements for amending the Articles of Incorporation, namely: Majority vote of the board of directors. Written assent of the stockholders representing at least 2/3 of the outstanding capital stock. Approval by the Securities and Exchange Commission.
A corporation may change its name by merely amending its charter in the manner prescribed by law. The change of name of the corporation does not result in dissolution. The changing of the name of a corporation is no more the creation of a corporation than the changing of the name of a natural person.
Send the copy of the resolution, the copy of your new articles and completed form (if any) to Companies House....You must send: a copy of the resolution within 15 days of it being agreed. a copy of the amended articles of association within 15 days of them taking effect. any forms (if needed) within 15 days of the changes.
A corporation may change its name by merely amending its charter in the manner prescribed by law. The change of name of the corporation does not result in dissolution. The changing of the name of a corporation is no more the creation of a corporation than the changing of the name of a natural person.