issuing stock

issuing stock
All the process of authorizing, executing, and delivering the certificates of stock to the subscribers, thereby conferring upon and vesting in them the rights and privileges of stockholders. Majestic Household Utilities Corp. v Stratton, 353 Ill 86, 186 NE 522, 89 ALR 852; Don Johnston Drilling Co. v Howard (Okla) 347 P2d 640, 78 ALR2d 824. Something more than merely procuring contracts of subscription to the stock of the corporation not in being, but which maybe organized in the future. Felton v Highlands Hotel Co. 165 Ga 598, 141 SE 793, 57 ALR 987. The issuance of new stock certificates to replace lost certificates or to evidence a stock transfer, or upon a split up of outstanding existing shares of stock, does not involve "issuance of new or additional stock," within a statute subjecting a public service corporation to the payment of a fee for each authorized "issue of securities." Lake Superior Dist. Power Co. v Public Service Com. 250 Wis 39, 26 NW2d 278, 170 ALR 680. When certificates of stock are officially executed and delivered by a corporation to its stockholders they are "issued" in the ordinary sense, but when such stock is called in and canceled as of record the original shares can no longer be said to be "issued." Majestic Household Utilities Corp. v Stratton, 353 Ill 86, 186 NE 522, 89 ALR 852.

Ballentine's law dictionary. . 1998.

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