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This excerpt taken from the PABK 10-Q filed Nov 10, 2008. Authorized
Shares. The total number of shares of all classes of capital
stock which the Corporation shall have authority to issue is 100,000,000
consisting of 98,500,000 shares of common stock (the "Common Stock"), and
1,500,000 shares of preferred stock (the "Preferred Stock"). The
shares may be issued from time to time as authorized by the Board of Directors
of the Corporation without further approval of the shareholders except as
otherwise provided herein or to the extent that such approval is required by
law, rules or regulations. No shareholder shall have a preemptive
right to acquire unissued shares of capital stock. The Corporation
may acquire its own shares of capital stock and shares so acquired constitute
authorized but unissued shares.
(b) |
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