As Amended
SEC. 79-4-6.02. Terms of class or series determined by board of directors.
(a) If the articles of incorporation so provide, the board of directors may determine, in whole or in part, the terms, including the preferences, rights and limitations to the same extent as is permitted under Section 79-4-6.01 of (1) any class of shares before the issuance of any shares of that class, or (2) one or more series within a class before the issuance of any shares of that series.
(b) Each class and series of a class must be given a distinguishing designation.
(c) All shares of a class or series created under this section must have terms, including preferences, rights and limitations * * * identical * * * of those of other shares of the same class or series, except to the extent permitted by this section and Section 79-4-6.01.
(d) Before issuing any shares of a class or series created under this section, the corporation must deliver to the Secretary of State for filing articles of amendment, which are effective without shareholder action, that set forth:
(1) The name of the corporation;
(2) The text of the amendment determining the terms of the class or series of shares; and
* * *
(3) A statement that the amendment was * * * adopted by the board of directors, including the date of adoption.
SOURCES: Laws, 1987, ch. 486, § 6.02; Laws, 2001, ch. 435, § 2, SB 2452, eff from and after July 1, 2001.
PREVIOUS VERSIONS: Pre-2001