Authorized capital

The classes and number of shares of each class that a corporation is permitted to issue as stated in its articles. The articles also set out the rights, privileges, restrictions, and conditions attached to each class of shares (e.g., Class A preferred shares that are entitled to an annual dividend of $5 per share). The CBCA and the other corporate statutes contain certain default provisions that apply if the articles are silent. See CBCA, s. 24