Inheritance

Inheritance allows a contract to acquire properties of a parent contract, without having to redefine all of them. This makes the code cleaner and easier to reuse. Add this code to the first line of your code, before contract MyToken {.

    contract owned {
        address public owner;

        function owned() {
            owner = msg.sender;
        }

        modifier onlyOwner {
            require(msg.sender == owner);
            _;
        }

        function transferOwnership(address newOwner) onlyOwner {
            owner = newOwner;
        }
    }

This creates a very basic contract that doesn't do anything except define some generic functions about a contract that can be "owned". Now the next step is just to add the text _is owned _to your contract:

    contract MyToken is owned {
        /* the rest of the contract as usual */