"Until I see it in a "legal filing" as an exception to the norm, I'm assuming it's the case here as well."
Well, how's this?
From the DEF 14A proxy filed 11/19/03 to increase authorized shares
Q. WHY HAS THE PROPOSAL BEEN MADE TO AUTHORIZE A CLASS OF PREFERRED SHARES?
A. The Board of Directors believes that it is in the best interest of AMEP and
AMEP's shareholders to authorize a class of preferred shares. No designation of the rights of this class of stock has been made as of this point in time.
Exhibit "A" STATE OF DELAWARE
CERTIFICATE OF AMENDMENT
OF CERTIFICATE OF INCORPORATION
AMERICAN ENERGY PRODUCTION, INC.
RESOLVED, that the Certificate of Incorporation of this corporation be amended
by changing the Article thereof numbered " Fourth" so that, as amended, said
Article shall be and read as follows:
The authorized stock of the corporation is divided into two classes: (1)
common stock in the amount of Five Hundred Million (500,000,000) shares
having par value of $0.0001 each, and (2) preferred stock in the amount of
Five Million (5,000,000) shares having par value of $0.0001 each. The
Board of Directors shall have the authority, by resolution or resolutions,
to divide the preferred stock into series, to establish and fix the
distinguishing designation of each such series and the number of shares
thereof..... and, within the
limitations of applicable law of the State of Delaware or as otherwise set
forth in this article, to fix and determine the relative rights and
preferences of the shares of each series so established prior to the
issuance, thereof.
Form 10-Q, Sept. 30, 2004, pages 38-39
On January 5, 2004, The Board of Directors approved the issuance of up to 4,000,000 shares of designated Series A preferred stock. Under the terms of the designation, these Series A shares are not entitled to dividends. The shares are convertible, at the option of the holder, into three times as many common shares as Series A, preferred that are held. There are no liquidation rights or preferences to Series A, preferred stock holders as compared to any other class of stock. These shares are non-voting, however, the holders, as a class may elect two directors.
What "legal filing" were you referring to?