Authorization of Issuance of Shares Clause Samples
The "Authorization of Issuance of Shares" clause grants a corporation the legal authority to create and distribute new shares of its stock. Typically, this clause specifies the maximum number of shares that can be issued, the types or classes of shares available, and any conditions or procedures for issuing additional shares in the future. By clearly outlining these parameters, the clause ensures that the company operates within its legal limits and provides transparency to shareholders, thereby preventing unauthorized or excessive issuance of stock that could dilute existing ownership.
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Authorization of Issuance of Shares. Upon the terms and subject to the conditions hereof, the Company has authorized the issuance to J.P. Morgan at the Closing (as defined herein) of (i) 16,000,000 sh▇▇▇▇ ▇▇ ▇▇▇ies A Preferred Stock (the "Series A Shares") and (ii) 10,000,000 shares of Series B Preferred Stock (the "Series B Shares" and, together with the Series A Shares, the "Shares").
Authorization of Issuance of Shares. The Company has authorized the issuance and sale of 40,000 shares of its Preferred Stock, such shares to be constituted as a new series of Preferred Stock, and being designated as the Series A Voting Convertible Preferred Stock (herein referred to as the "Convertible Preferred Stock"). The relative powers, preferences and rights and qualifications, limitations and restrictions of the Convertible Preferred Stock shall be set forth in the Certificate of Designation.
Authorization of Issuance of Shares