Classes of shares: statement of par value and preferences, privileges, and restrictions; authority of board to change
Checkout our iOS App for a better way to browser and research.
If the corporation is authorized to issue more than one class of shares, the articles shall state the initial number of shares which the corporation is authorized to issue and the aggregate par value of all shares that are to have a par value, and (a) the number of shares of each class that are to have a par value, and the par value of each share of each such class, and (b) the number of shares of each class that are to be without par value, and the articles shall state the preferences, privileges, and restrictions granted to or imposed upon the respective classes of shares or the holder thereof. In lieu of a statement of the dividend rate, the conversion rights, voting rights, the redemption price, or the liquidation preferences of any class, the articles may authorize the board of directors, within the limits and restrictions stated therein, to fix the dividend rate, the conversion rights, voting rights, the redemption price, or the liquidation preferences of any wholly unissued class of shares, or all or any of them.
Except as specified in the articles, no distinction shall exist between classes of shares or the holders thereof.