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.