49-33-26. Increasing or decreasing preferred stock--Resolution of directors.
Unless otherwise provided in any resolution or resolutions pursuant to §49-33-24 the number of shares of stock of any series set forth in such resolution or resolutions may be increased or decreased (but not below the number of shares thereof then outstanding) by a certificate made and filed as provided by §49-33-25 setting forth a statement that a specified increase or decrease therein has been authorized and directed by resolution or resolutions likewise adopted by the board of directors; and in case the number of such shares shall be so decreased the number of shares so specified in said certificate shall resume the status which they had prior to the adoption of the first resolution or resolutions.
Source: SDC 1939, §52.1518 as enacted by SL 1949, ch 211.