ACE Limited Receives Shareholder Approval to Increase Authorized Shares.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Jan. 22, 2002 ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE) announced that at its Extraordinary General Meeting held today, the shareholders of the Company approved a proposal increasing the number of authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: Ordinary Shares of the Company by 200 million, resulting in a total of 500 million authorized Ordinary Shares. At the meeting, the shareholders also approved a proposal increasing the number of authorized Other Shares from 10 million to 20 million shares. The Other Shares may be issued in one or more classes or series with the terms, such as the dividend rate, voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. , conversion rights, conversion rates, rights and terms of redemption and other rights, preferences and restrictions, established by the Board of Directors of the Company. The ACE Group of Companies provides insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. in nearly 50 countries. Additional information can be found at: http://www.acelimited.com. |
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