Treaty Energy Corp. (fka TECO)

[MightyMac]

By what authority is the corporation issuing new stock? Stock that was held by the corporation as "treasury stock" I believe was issued long ago. To issue new stock I believe takes a meeting of the present stockholders. When and where has there ever been such a meeting? I've been a stockholder of record for a long time and bought into the "Belize oil strike" hype to buy a large position (by my standards). Meanwhile the company has issued more and more stock, watering down my holdings. By what authority do they claim this is being done? Regardless of the wisdom or necessity of issuing stock, directors and officers must follow the Corporation Articles of Incorporation and By-Laws. Where is it written that they can water down the stock by indefinitely issuing more stock, declaring stock payments to officers and directors etc.? If they issued a trillion shares and paid officers and directors with 750 billion shares they effectively would become the owners. Such obviously requires shareholder approval. Thus I ask, by what legal authority has the stock been issued to water down the percentage of my ownership?