Enforce issuer authorized share ceiling

OpenCapTable-v34/daml.yaml

@@ -1,7 +1,7 @@
 sdk-version: 3.4.10
 name: OpenCapTable-v34
 source: daml
-version: 0.0.3
+version: 0.0.4
 build-options:
   - -Wno-crypto-text-is-alpha
   - --typecheck-upgrades=no

Test/daml.yaml

@@ -7,6 +7,6 @@ dependencies:
   - daml-stdlib
   - daml-script
 data-dependencies:
-  - ../OpenCapTable-v34/.daml/dist/OpenCapTable-v34-0.0.3.dar
+  - ../OpenCapTable-v34/.daml/dist/OpenCapTable-v34-0.0.4.dar
 build-options:
   - -Wno-template-interface-depends-on-daml-script

Test/daml/OpenCapTable/Setup.daml

@@ -54,7 +54,7 @@ setupTestOcp = script do
         email = None
         phone = None
         address = None
-        initial_shares_authorized = Some (OcfInitialSharesNumeric 1000.0)
+        initial_shares_authorized = Some (OcfInitialSharesNumeric 100_000_000.0)
         comments = []
 
   return TestOcp

Test/daml/OpenCapTable/TestHelpers.daml

@@ -1,6 +1,7 @@
 module OpenCapTable.TestHelpers where
 
 import DA.Assert (assertMsg)
+import Fairmint.OpenCapTable.OCF.Issuer
 import Fairmint.OpenCapTable.OCF.Stakeholder
 import Fairmint.OpenCapTable.OCF.StockClass
 import Fairmint.OpenCapTable.OCF.StockIssuance (StockIssuanceOcfData(..))
@@ -27,6 +28,23 @@ import DA.Time (time)
 -- Functions that return valid default OCF data with sensible defaults.
 -- Use these to reduce boilerplate in tests that don't care about specific values.
 
+-- | Returns valid IssuerOcfData with sensible defaults.
+defaultIssuerWithAuthorizedShares : Text -> Optional OcfInitialSharesAuthorized -> IssuerOcfData
+defaultIssuerWithAuthorizedShares issuerId initialSharesAuthorized = IssuerOcfData with
+  id = issuerId
+  legal_name = "TestIssuer Inc."
+  formation_date = DT.time (DA.date 2020 Jan 15) 12 0 0
+  country_of_formation = "US"
+  dba = None
+  country_subdivision_of_formation = None
+  country_subdivision_name_of_formation = None
+  tax_ids = []
+  email = None
+  phone = None
+  address = None
+  initial_shares_authorized = initialSharesAuthorized
+  comments = []
+
 -- | Default initial shares authorized for test stock classes.
 -- Configurable constant to avoid magic numbers.
 defaultInitialSharesAuthorized : Decimal

Test/daml/OpenCapTable/TestIssuerAuthorizedShares.daml

@@ -0,0 +1,134 @@
+module OpenCapTable.TestIssuerAuthorizedShares where
+
+import Fairmint.OpenCapTable.OCF.IssuerAuthorizedSharesAdjustment
+import Fairmint.OpenCapTable.OCF.StockClass
+import Fairmint.OpenCapTable.OCF.StockClassAuthorizedSharesAdjustment
+import Fairmint.OpenCapTable.Types.Stock (OcfAuthorizedShares(..), OcfInitialSharesAuthorized(..))
+import qualified Fairmint.OpenCapTable.CapTable as CT
+import OpenCapTable.Setup
+import OpenCapTable.TestHelpers
+import Daml.Script
+
+limitedStockClass : Text -> Decimal -> StockClassOcfData
+limitedStockClass classId authorizedShares =
+  (defaultStockClass classId) with
+    initial_shares_authorized = OcfInitialSharesNumeric authorizedShares
+
+issuerAuthorizedSharesAdjustment : Text -> Decimal -> IssuerAuthorizedSharesAdjustmentOcfData
+issuerAuthorizedSharesAdjustment adjustmentId sharesAuthorized =
+  IssuerAuthorizedSharesAdjustmentOcfData with
+    id = adjustmentId
+    date = defaultTestDate
+    issuer_id = "ISSUER_1"
+    new_shares_authorized = sharesAuthorized
+    board_approval_date = None
+    stockholder_approval_date = None
+    comments = []
+
+stockClassAuthorizedSharesAdjustment : Text -> Text -> Decimal -> StockClassAuthorizedSharesAdjustmentOcfData
+stockClassAuthorizedSharesAdjustment adjustmentId stockClassId authorizedShares =
+  StockClassAuthorizedSharesAdjustmentOcfData with
+    id = adjustmentId
+    date = defaultTestDate
+    stock_class_id = stockClassId
+    new_shares_authorized = authorizedShares
+    board_approval_date = None
+    stockholder_approval_date = None
+    comments = []
+
+setIssuerAuthorizedShares : Party -> ContractId CT.CapTable -> Decimal -> Script (ContractId CT.CapTable)
+setIssuerAuthorizedShares issuer capTable sharesAuthorized = do
+  result <- submit issuer do
+    exerciseCmd capTable CT.UpdateCapTable with
+      creates = []
+      edits = [CT.OcfEditIssuer (defaultIssuerWithAuthorizedShares "ISSUER_1" (Some (OcfInitialSharesNumeric sharesAuthorized)))]
+      deletes = []
+  pure result.updatedCapTableCid
+
+testStockClassCannotExceedIssuerInitialAuthorizedShares = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableLimited <- setIssuerAuthorizedShares issuer cap_table 100.0
+
+  submitMustFail issuer do
+    exerciseCmd capTableLimited CT.UpdateCapTable with
+      creates = [CT.OcfCreateStockClass (limitedStockClass "SC_TOO_MANY_FOR_ISSUER" 101.0)]
+      edits = []
+      deletes = []
+
+testIssuerAuthorizedSharesAdjustmentAllowsSameBatchStockClassIncrease = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableLimited <- setIssuerAuthorizedShares issuer cap_table 100.0
+
+  _ <- submit issuer do
+    exerciseCmd capTableLimited CT.UpdateCapTable with
+      creates =
+        [ CT.OcfCreateIssuerAuthorizedSharesAdjustment (issuerAuthorizedSharesAdjustment "TX_ISSUER_RAISE_FOR_CLASS" 150.0)
+        , CT.OcfCreateStockClass (limitedStockClass "SC_ALLOWED_BY_ISSUER_RAISE" 150.0)
+        ]
+      edits = []
+      deletes = []
+  pure ()
+
+testIssuerAuthorizedSharesAdjustmentCannotDropBelowStockClasses = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableLimited <- setIssuerAuthorizedShares issuer cap_table 100.0
+  (capTableWithClass, _) <- setupStockClassWith issuer capTableLimited (limitedStockClass "SC_ISSUER_DROP" 100.0)
+
+  submitMustFail issuer do
+    exerciseCmd capTableWithClass CT.UpdateCapTable with
+      creates = [CT.OcfCreateIssuerAuthorizedSharesAdjustment (issuerAuthorizedSharesAdjustment "TX_ISSUER_DROP_TOO_LOW" 99.0)]
+      edits = []
+      deletes = []
+
+testIssuerEditCannotDropBelowStockClasses = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableLimited <- setIssuerAuthorizedShares issuer cap_table 100.0
+  (capTableWithClass, _) <- setupStockClassWith issuer capTableLimited (limitedStockClass "SC_ISSUER_EDIT_DROP" 100.0)
+
+  submitMustFail issuer do
+    exerciseCmd capTableWithClass CT.UpdateCapTable with
+      creates = []
+      edits = [CT.OcfEditIssuer (defaultIssuerWithAuthorizedShares "ISSUER_1" (Some (OcfInitialSharesNumeric 99.0)))]
+      deletes = []
+
+testStockClassAuthorizedSharesAdjustmentCannotExceedIssuerAuthorizedShares = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableLimited <- setIssuerAuthorizedShares issuer cap_table 100.0
+  (capTableWithClass, stockClassId) <- setupStockClassWith issuer capTableLimited (limitedStockClass "SC_CLASS_RAISE_TOO_HIGH" 100.0)
+
+  submitMustFail issuer do
+    exerciseCmd capTableWithClass CT.UpdateCapTable with
+      creates = [CT.OcfCreateStockClassAuthorizedSharesAdjustment (stockClassAuthorizedSharesAdjustment "TX_CLASS_RAISE_TOO_HIGH" stockClassId 101.0)]
+      edits = []
+      deletes = []
+
+testIssuerAuthorizedSharesAdjustmentDeleteCannotInvalidateStockClasses = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableLimited <- setIssuerAuthorizedShares issuer cap_table 100.0
+  (capTableWithClass, stockClassId) <- setupStockClassWith issuer capTableLimited (limitedStockClass "SC_ISSUER_DELETE_DROP" 100.0)
+  result <- submit issuer do
+    exerciseCmd capTableWithClass CT.UpdateCapTable with
+      creates =
+        [ CT.OcfCreateIssuerAuthorizedSharesAdjustment (issuerAuthorizedSharesAdjustment "TX_ISSUER_RAISE_DELETE" 150.0)
+        , CT.OcfCreateStockClassAuthorizedSharesAdjustment (stockClassAuthorizedSharesAdjustment "TX_CLASS_RAISE_FOR_DELETE" stockClassId 150.0)
+        ]
+      edits = []
+      deletes = []
+
+  submitMustFail issuer do
+    exerciseCmd result.updatedCapTableCid CT.UpdateCapTable with
+      creates = []
+      edits = []
+      deletes = [CT.OcfDeleteIssuerAuthorizedSharesAdjustment "TX_ISSUER_RAISE_DELETE"]
+
+testFiniteIssuerRejectsUnlimitedStockClassAuthorization = script do
+  TestOcp{issuer, cap_table} <- setupTestOcp
+  capTableLimited <- setIssuerAuthorizedShares issuer cap_table 100.0
+  let unlimitedClass = (defaultStockClass "SC_UNLIMITED_ISSUER_REJECT") with
+        initial_shares_authorized = OcfInitialSharesEnum OcfAuthorizedSharesUnlimited
+
+  submitMustFail issuer do
+    exerciseCmd capTableLimited CT.UpdateCapTable with
+      creates = [CT.OcfCreateStockClass unlimitedClass]
+      edits = []
+      deletes = []

Test/daml/OpenCapTable/TestStockClassAuthorizedShares.daml

@@ -100,11 +100,16 @@ testStockClassAuthorizedSharesAdjustmentDeleteCannotInvalidateIssuedShares = scr
 testUnlimitedStockClassAuthorizedSharesAllowsLargeIssuance = script do
   TestOcp{issuer, cap_table} <- setupTestOcp
 
+  issuerResult <- submit issuer do
+    exerciseCmd cap_table CT.UpdateCapTable with
+      creates = []
+      edits = [CT.OcfEditIssuer (defaultIssuerWithAuthorizedShares "ISSUER_1" None)]
+      deletes = []
+
   let unlimitedClass = (defaultStockClass "SC_UNLIMITED") with
         initial_shares_authorized = OcfInitialSharesEnum OcfAuthorizedSharesUnlimited
-  (capTableWithClass, stockClassId) <- setupStockClassWith issuer cap_table unlimitedClass
+  (capTableWithClass, stockClassId) <- setupStockClassWith issuer issuerResult.updatedCapTableCid unlimitedClass
   (capTableReady, stakeholderId) <- setupStakeholderWithId issuer capTableWithClass "SH_UNLIMITED" "Unlimited Holder"
 
   _ <- createStockIssuanceWith issuer capTableReady ((defaultStockIssuance "TX_UNLIMITED" "SEC_UNLIMITED" stakeholderId stockClassId) with quantity = 2_000_000.0)
   pure ()
-

dars/dars.lock

@@ -12,8 +12,8 @@
       ]
     },
     "OpenCapTable-v34/0.0.2/OpenCapTable-v34.dar": {
-      "sha256": "5a83b3fdecb2a6796ff63f353c06c9c13d171062a2a9afa3894f789f18a4fa72",
-      "size": 2462750,
+      "sha256": "0746dde9ed79da54e1bb5e92a90c2da5af05ea0594b20f48416020c0af32790c",
+      "size": 2476037,
       "sdkVersion": "3.4.10",
       "uploadedAt": "2026-07-07T21:50:59.634Z",
       "networks": []
@@ -24,6 +24,13 @@
       "sdkVersion": "3.4.10",
       "uploadedAt": "2026-07-09T00:16:37.252Z",
       "networks": []
+    },
+    "OpenCapTable-v34/0.0.4/OpenCapTable-v34.dar": {
+      "sha256": "f46eecafe83dbad4780782c91cd38fd162b162828e12b03027ee6f109835ee7a",
+      "size": 2511187,
+      "sdkVersion": "3.4.10",
+      "uploadedAt": "2026-07-09T00:24:49.407Z",
+      "networks": []
     }
   }
 }

scripts/codegen/templates/CapTable.daml.template

@@ -117,6 +117,19 @@ latestStockClassAuthorizedAdjustment adjustments =
     None
     adjustments
 
+latestIssuerAuthorizedAdjustment : [IssuerAuthorizedSharesAdjustmentOcfData] -> Optional IssuerAuthorizedSharesAdjustmentOcfData
+latestIssuerAuthorizedAdjustment adjustments =
+  foldl
+    (\latest adjustment -> case latest of
+      None -> Some adjustment
+      Some current -> if adjustment.date >= current.date then Some adjustment else latest)
+    None
+    adjustments
+
+issuerAuthorizedSharesLimit : Optional OcfInitialSharesAuthorized -> Optional Decimal
+issuerAuthorizedSharesLimit initialSharesAuthorized =
+  authorizedSharesLimit =<< initialSharesAuthorized
+
 fetchStockClassData : CapTableMaps -> Text -> Optional StockClassOcfData -> Update StockClassOcfData
 fetchStockClassData maps stockClassId stockClassOverride = case stockClassOverride of
   Some stockClassData -> pure stockClassData
@@ -208,6 +221,51 @@ validateCurrentStockClassAuthorizedShares maps stockClassId excludedAdjustmentId
   limitOpt <- currentStockClassAuthorizedLimit maps stockClassId excludedAdjustmentId stockClassOverride additionalAdjustment
   assertWithinStockClassAuthorizedShares stockClassId currentIssued limitOpt
 
+currentIssuerAuthorizedLimit : CapTableMaps -> ContractId Issuer -> Update (Optional Decimal)
+currentIssuerAuthorizedLimit maps issuerCid = do
+  issuerContract <- fetch issuerCid
+  adjustments <- foldlA
+    (\acc adjustmentCid -> do
+      adjustment <- fetch adjustmentCid
+      if adjustment.adjustment_data.issuer_id == issuerContract.issuer_data.id
+        then pure (adjustment.adjustment_data :: acc)
+        else pure acc)
+    []
+    (Map.values maps.issuer_authorized_shares_adjustments)
+  let latestAdjustment = latestIssuerAuthorizedAdjustment adjustments
+  pure $ case latestAdjustment of
+    Some adjustment -> Some adjustment.new_shares_authorized
+    None -> issuerAuthorizedSharesLimit issuerContract.issuer_data.initial_shares_authorized
+
+addOptionalAuthorizedShares : Optional Decimal -> Optional Decimal -> Optional Decimal
+addOptionalAuthorizedShares totalOpt sharesOpt = case (totalOpt, sharesOpt) of
+  (Some total, Some shares) -> Some (total + shares)
+  _ -> None
+
+currentStockClassAuthorizedTotal : CapTableMaps -> Update (Optional Decimal)
+currentStockClassAuthorizedTotal maps =
+  foldlA
+    (\totalOpt stockClassCid -> do
+      stockClass <- fetch stockClassCid
+      stockClassLimitOpt <- currentStockClassAuthorizedLimit maps stockClass.stock_class_data.id None None None
+      pure (addOptionalAuthorizedShares totalOpt stockClassLimitOpt))
+    (Some 0.0)
+    (Map.values maps.stock_classes)
+
+validateIssuerAuthorizedShares : CapTableMaps -> ContractId Issuer -> Update ()
+validateIssuerAuthorizedShares maps issuerCid = do
+  issuerLimitOpt <- currentIssuerAuthorizedLimit maps issuerCid
+  stockClassTotalOpt <- currentStockClassAuthorizedTotal maps
+  case issuerLimitOpt of
+    None -> pure ()
+    Some issuerLimit -> case stockClassTotalOpt of
+      Some stockClassTotal ->
+        assertMsg
+          ("Issuer authorized shares exceeded: stock classes authorize " <> show stockClassTotal <> " shares but issuer authorizes " <> show issuerLimit)
+          (stockClassTotal <= issuerLimit)
+      None ->
+        assertMsg "Issuer authorized shares exceeded: stock class authorization is unlimited but issuer authorization is finite" False
+
 validateIssuerReference : ContractId Issuer -> Text -> Update ()
 validateIssuerReference issuerCid issuerId = do
   issuerContract <- fetch issuerCid
@@ -458,6 +516,7 @@ template CapTable
         validateValuationStockClassReferences finalMaps
         validateEquityCompensationIssuanceReferences finalMaps
         validateWarrantIssuanceReferences finalMaps
+        validateIssuerAuthorizedShares finalMaps newIssuerCid
 
         -- Create new CapTable with updated maps and potentially new issuer
         newCapTableCid <- create this with