SMFG Notes to Consolidated Financial Statements 16. Capital Stock Capital stock consists of common stock and preferred stock. Common stock and preferred stock at March 31, 2011 and 2010 were as follows: Number of shares 2011 2010 March 31 Authorized Issued Authorized Issued Common stock ........................................................................................ 3,000,000,000 1,414,055,625 1,500,000,000 1,414,055,625 Preferred stock (Type 4) ........................................................................... — — 50,100 — Preferred stock (Type 5) ........................................................................... 167,000 — 167,000 — Preferred stock (Type 6) ........................................................................... 70,001 70,001 70,001 70,001 Preferred stock (Type 7) ........................................................................... 167,000 — 167,000 — Preferred stock (Type 8) ........................................................................... 115,000 — 115,000 — Preferred stock (Type 9) ........................................................................... 115,000 — 115,000 — Total ........................................................................................................ 3,000,634,001 1,414,125,626 1,500,684,101 1,414,125,626 the amount as described above. All of the preferred stock is noncumulative and nonparticipating  for dividend payments, and shareholders of the preferred stock are  not entitled to vote at a general meeting of shareholders except when  the proposal to pay the prescribed dividends to shareholders is not  submitted to the general meeting of shareholders or is rejected at the  general meeting of shareholders.  In the event that SMFG pays dividends, SMFG shall pay to  holders of shares of its preferred stock, in preference to the holders  of its common stock, cash dividends in the amounts as described  below. If preferred interim dividends stipulated in the Articles of  Incorporation of SMFG were paid during the relevant fiscal year, the  amount of such preferred interim dividends shall be subtracted from  such amount of annual preferred dividends. Preferred stock (Type 6)  bears an annual noncumulative dividend of ¥88,500 per share and,  in the event SMFG pays an interim dividend, holders are entitled to  receive ¥44,250 in preference to common shareholders. Holders of  preferred stock are not entitled to any further dividends in excess of  In the event of SMFG’s voluntary or involuntary liquidation, hold- ers of its preferred stock will be entitled, equally in rank as among  themselves and in preference over shares of its common stock, to  receive out of SMFG’s residual assets upon liquidation a distribution  of ¥3,000,000 per share in the case of Type 6 preferred stock. Holders  of preferred stock are not entitled to any further dividends or other  participation or distribution of SMFG’s residual assets upon SMFG’s  liquidation. SMFG may, subject to the requirements provided in the  Companies Act, purchase any shares of the preferred stock then  outstanding at any time and retire such preferred stock out of  distributable amounts of SMFG. SMFG may also, subject to the  requirements provided in the Companies Act, redeem all or some of  preferred stock (Type 6) out of distributable amounts of SMFG at any  time on and after March 31, 2011 at a price of ¥3,000,000 per share. Preferred stock (Type 6) is non-convertible. SMFG  2011 89