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 is authorized without shareholder approval, to:
(1) Classify any unissued shares into one or more classes or into one or more series within a class;
(2) Reclassify any unissued shares of any class into one or more classes or into one or more series within one or more classes; or
(3) Reclassify any unissued shares of any series of any class into one or more classes or into one or more series within a class.
(b) If the board of directors acts pursuant to subsection (a), it must determine the terms, including the preferences, rights and limitations, to the same extent * * * permitted under Section 79-4-6.01 of:
(1) Any class of shares before the issuance of any shares of that class, or
(2) Any series within a class before the issuance of any shares of that series.
* * *
(c) 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 setting forth the terms determined under subsection (a).
* * *
SOURCES: Laws, 1987, ch. 486, § 6.02; Laws, 2001, ch. 435, § 2, SB 2452; Laws, 2004, ch. 495, § 5, HB 972, eff from and after July 1, 2004.
PREVIOUS VERSIONS: Pre-2004