authority to issue shares

authority to issue shares

the shares of a company, apart from those taken by the subscribers of the memorandum, are issued by the board of directors (subject to the condition that they may not issue shares beyond the amount fixed as the authorized capital of the company). The directors may issue shares only for an authorized purpose and in the best interests of the company. The authority that the directors require has to be given by an ordinary resolution of the general meeting or in the articles. Authority may be given for a particular issue or generally, and it may be unconditional or subject to conditions; the authority must state the maximum amount of the relevant securities that maybe allotted thereunder and the date on which it is to expire.
References in periodicals archive ?
During the Annual General Meeting, the companys shareholders considered seven proposals: nominations to re-elect 12 members of Ingersoll Rands Board of Directors; advisory approval of the compensation of the companys named executive officers; appointment of independent auditors and authorization of the Audit Committee to set the auditors remuneration; renewal of the Board of Directors existing authority to issue shares; renewal of the Board of Directors existing authority to issue shares for cash without first offering shares to existing shareholders; and determination of the price range at which the company can re-allot shares that it holds as treasury shares.
The proposal to approve renewal of the Board of Directors existing authority to issue shares received approximately 95 percent of the votes cast in favor.
The proposal to approve renewal of the Board of Directors existing authority to issue shares for cash without first offering shared to existing shareholders received approximately 97 percent of the votes cast in favor.
The resolution, which would have given the board authority to issue shares to individuals without offering the same terms to existing shareholders, was defeated by a 55-45 majority.
The Placing utilises the full extent of Baobab's existing authority to issue shares for cash.
Unless otherwise prohibited by the company's governing documents, the board of directors has the authority to issue shares of stock for adequate consideration.
Further to today's earlier announcement, IronRidge Resources Limited ("IronRidge" or the "Company") advises that notice has been given calling an Extraordinary General Meeting ("EGM") of the Company to consider a single resolution seeking Authority to issue shares for potential acquisition of Tekton Minerals Pte Ltd.
The Gateshead business, which recently won an pounds 8m order for its eye-Train on-board digital CCTV systems, has called a general meeting for next Thursday when it will propose a resolution to give the board authority to issue shares.
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