ALBERT C. RITCHIE, GOVERNOR. 730

upon dissolution; but, in case of insolvency, the debts and
other liabilities of the corporation shall be paid before any
payment or distribution is made to the holders of any class of
stock; and stock preferred as to dividends or having a prefer-
ence as to its distributive share of the assets of the corpora-
tion upon dissolution may be made subject to redemption at
not less than par at such times and prices as may be deter-
mined in such charter; stock so redeemed shall have the status
of authorized but unissued stock of the corporation. Nothing
in the laws of this State shall be so construed as to limit the
dividend on any class of stock to six per cent, per annum if a
greater or less dividend be provided to be paid on such stock.
Within the meaning of this section and the other sections of
this Article the classes of capital stock of any corporation, the
preferences, voting powers, restrictions and qualifications of
each class, the fixed annual dividends thereon and the times
and prices of redemption thereof shall be sufficiently set forth,
described, expressed and determined in the charter of the cor-
poration if determinable in a manner set forth in the charter
or in articles supplementary for which provision is hereinafter
made, or if in the charter the board of directors is empowered,
subject to any limitations or restrictions set forth in the char-
ter and to the limitations and restrictions set forth with re-
spect to charter amendments in Section 24 of this Article, to
classify or reclassify any unissued stock by fixing or altering
in any one or more specified respects, from time to time before
the issuance of such stock, the preferences, voting powers, re-
strictions and qualifications of, the fixed annual dividends on,
and the times and prices of redemption of, such stock. When-
ever the board of directors, so empowered in the charter, shall
so fix or alter the preferences, voting powers, restrictions or
qualifications of, the fixed annual dividends on, or the times
or prices of redemption of, any such unissued stock, and before
any such stock shall be issued, a further description of such
stock, with the preferences, voting powers, restrictions and
qualifications thereof, the fixed annual dividends thereon, and
the times and prices of redemption thereof, as so fixed or
altered by the board of directors, shall be set forth in articles
supplementary to the charter, which articles shall be verified
under oath by the chairman or secretary of the meeting of the
board of directors at which such preferences, voting powers,
restrictions, qualifications, fixed annual dividends or times or
prices of redemption shall have been so fixed or altered, and
shall in other respects be executed, acknowledged and recorded