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'''Shares authorized''' is the maximum number of shares that a company can issue. This number is specified in the company's [[articles of association]] but can be changed by [[shareholder]] approval. A company usually authorizes a higher number of shares than required to be able to issue stock in the future.
'''Shares authorized''' is the maximum number of shares that a company can issue. This number is specified in the company's [[articles of association]] but can be changed by [[shareholder]] approval. A company usually authorizes a higher number of shares than required to be able to issue stock in the future.
