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Session Laws, 1951
Volume 603, Page 283   View pdf image (33K)
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THEODORE R. MCKELDIN, GOVERNOR 283

(6) That one or more classes of stock, as specified, shall be
convertible into shares of stock of one or more other classes
and the terms and conditions upon which the same shall be
so convertible.

(7) That bonds, notes, debentures or other obligations
issued by the corporation shall be convertible into shares of
stock of one or more classes and the terms and conditions
upon which the same shall be so convertible.

(8) That the holders of any bonds, notes, debentures or other
obligations, issued or to be issued by the corporation, shall
have any voting or other rights which under the law are or
may be conferred on stockholders.

(9) Other preferences, rights, restrictions and qualifications
not inconsistent with law.

(10) That the board of directors may classify or reclassify
any unissued shares by fixing or altering in any one or more
aspects, from time to time before issuance of such shares, the
preferences, rights, voting powers, restrictions and qualifica-
tions of, the dividends on, the times and prices of redemption
of, and the conversion rights of, such shares.

(b) In case the board of directors, pursuant to a power
contained in the charter, classifies or reclassifies any unissued
shares by fixing or altering the preferences, rights, voting
powers, restrictions or qualifications of, the dividends on, the
times or prices of redemption of, or the conversion rights of,
any unissued shares, the board of directors, before any such
stock is issued, shall file with the Commission articles supple-
mentary to the charter, containing a description of the stock
with the preferences, conversion and other rights, voting
powers, restrictions, limitations as to dividends and qualifica-
tions as fixed or altered by the board of directors and stating
that the shares have been duly classified or reclassified by the
board of directors pursuant to authority contained in the
charter. The articles shall be signed and acknowledged in the
name and on behalf of the corporation by the president or a
vice-president, the corporate seal affixed and attested by the
secretary or an assistant secretary and the matters and facts
set forth in said articles with respect to the action by the
board of directors shall be verified under oath by the chairman
or secretary of the meeting at which such classification or re-
classification was adopted.

(c) The authorization of stock convertible into other stock
or of securities convertible into stock shall, without further
specific charter authorization, constitute an authorization of
the stock into which said stock or securities are convertible.


 

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Session Laws, 1951
Volume 603, Page 283   View pdf image (33K)
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