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Corporation formation and share capital transactions

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Things to remember 1 What is a corporation? A corporation is an artificial being, created by operation of law, having the right of succession and the powers, attributes and properties, expressly authorized by law or incident to its existence. 2 Articles of incorporation A written instrument, called articles of incorporation, which is filed with the Securities and Exchange Commission, evidences the establishment of a corporation. It contains basic information such as the corporate name, the principal place of business, names and addresses of incorporators, and authorized share capital. 3 By-laws The corporate “by laws” supplement the articles of incorporation and contains provisions for the internal control administration of the corporation. 4 Ownership in a corporation The ownership in a corporation is divided into units of ownership, called capital stock or share capital, which may or may not have par value. There are usually two class of share capital: preference and ordinary. Preference share or preferred stock gives its holders a preference as to distribution of dividends and as to distribution of assets in the event of corporate liquidation. Ordinary share, or conventionally called common stock, entitles its holders to all the basic rights of a shareholder, but provides no preference over any other class of share capital. 5 Authorized share capital The maximum number of share capital that may be issued by a corporation is called authorized share capita ...
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