What is Allot?

Legal Definition
To apportion, distribute; to divide property previously held in common among those entitled, assigning to each his ratable portion, to be held in severalty; to set apart specific property, a share of a fund, etc., to a distinct party. Glenn v. Glenn, 41 Ala. 582; Fort v. Allen, 110 N. C. 183, 14 S. E. 685. In the law of corporations, to allot shares, debentures, etc., is to appropriate them to the applicante or persons who have applied for them; this is generally done by sending to each applicant a letter of allotment, informing him that a certain number of shares have been allotted to him. Sweet.
-- Black's Law Dictionary