authorized stock

The maximum number of shares that a corporation is legally permitted to issue, as specified in its articles of incorporation. This figure is usually listed in the capital accounts section of the balance sheet.

Also known as "authorized shares" or "authorized capital stock".

Investopedia Says:
This number can be changed only by a vote of all the shareholders. Management will typically keep the number of authorized shares higher than those actually issued. This allows the company to sell more shares if it needs to raise additional funds.

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Maximum number of shares of any class a company may legally create under the terms of its Articles of Incorporation. Normally, a corporation provides for future increases in authorized stock by vote of the stockholders. The corporation is not required to issue all the shares authorized and may initially keep issued shares at a minimum to hold down taxes and expenses. Also called authorized stock.

Maximum number of shares in each class of capital stock that a corporation can legally issue. (It may not actually issue all of the shares authorized.) The total shares per class of stock, for example common stock, or preferred stock, is specified in the corporate charter or Articles of Incorporation. The number of authorized shares can be increased by amending the articles of incorporation or charter, which is usually accomplished by shareholder vote.

Maximum number of shares of common stock that can be issued under a company's Articles of Incorporation. If a public issue of stock is involved, the SEC and the relevant state must approve it. Issued shares are usually less than the authorized shares.

The noun has one meaning:

Meaning #1: the maximum number of shares authorized under the terms of a corporation's articles of incorporation
  Synonyms: authorized shares, capital stock