Common use of Authorization for Issuance of Stock Clause in Contracts

Authorization for Issuance of Stock. Elegant shall have received in form and substance satisfactory to counsel for Elegant a letter instructing and authorizing the Registrar and Transfer Agent for the shares of common stock of Shaft to issue stock certificates representing ownership of Shaft common stock to Elegant shareholders in accordance with the terms of this Agreement and a letter from said Registrar and Transfer Agent acknowledging receipt of the letter of instruction and stating to the effect that the Registrar and Transfer Agent holds adequate supplies of stock certificates necessary to comply with the letter of instruction and the terms and conditions of this Agreement.