THEODORE R. MCKELDIN, GOVERNOR 291

25. (Restrictions on Transferability of Stock of Radio
Stations. ) Any corporation of this State operating a radio
station under license from the Federal Government and any
corporation of this State controlling directly or indirectly
any corporation, joint-stock company or association which
operates such a radio station may, by its by-laws, restrict or
limit the transferability to and ownership by aliens of shares
of its stock, whether issued or to be issued, and the right of
aliens to vote the same; and any such restriction or limita-
tion or a summary thereof need be stated only on certificates
for such shares issued after the adoption of such by-laws. The
word "aliens" as used in this section includes the following
and their representatives: an alien, a foreign government, a
corporation, joint-stock company or association organized
under the laws of a foreign country and any other corpora-
tion, joint-stock company or association controlled directly or
indirectly by one or more aliens.

26. (Stockholders' Preemptive Rights. ) (a) The pre-
emptive rights of stockholders to acquire additional shares of
stock of a corporation may be defined, limited or denied as
may be provided in the charter.

(b) Unless otherwise provided in the charter, no preemptive
rights shall, in any event, accrue to a stockholder with re-
spect to:

(1) Shares issued to obtain all or a portion of the capital
required to initiate the corporate enterprise.

(2) Shares issued for not less than their fair value in ex-
change for services or property other than money.

(3) Shares remaining unsubscribed after having been offered
to stockholders.

(4) Treasury shares sold for not less than their fair value.

(5) Shares issued or issuable pursuant to articles of merger.

(6) Shares without then present voting power with respect
to the election of directors issued for not less than their fair
value.

(7) Shares issued and sold to the corporation's officers or
other employees or to the officers or other employees of any
subsidiary corporation upon such terms and conditions as are
approved by the affirmative vote of two-thirds of all the votes
of stockholders entitled to be cast with respect thereto.

(8) Any other issuance of shares where the applicability of
preemptive rights is impracticable.