THEODORE R. MCKELDIN, GOVERNOR 757
shall have any voting or other rights which under the law
are or may be conferred on stockholders.
(9) Other preferences, rights, restrictions and qualifi-
cations not inconsistent with law.
(10) That the board of directors may classify or re-
classify any unissued shares by fixing or altering in any
one or more [aspects] respects, from time to time before
issuance of such shares, the preferences, rights, voting
powers, restrictions and qualifications 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 un-
issued shares by fixing or altering the preferences, rights,
voting powers, restrictions or qualifications of, the divi-
dends on, the times or prices of redemption of, or the con-
version rights of, any unissued shares, the board of direc-
tors, before any such stock is issued, shall file with the
Commission articles supplementary to the charter, con-
taining a description of the stock with the preferences,
conversion and other rights, voting powers, restrictions,
limitations as to dividends and qualifications 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 shall be affixed and attested
by the secretary or an assistant secretary and the matters
and facts set forth in said articles with respect to the ac-
tion by the board of directors shall be verified under oath
by the chairman or secretary of the meeting at which such
classification or reclassification was adopted.
28.
(b)
(3) EXCEPT [AS PERMITTED BY] IN CASE OF
ACQUISITIONS PURSUANT TO THE PRECEDING
PARAGRAPHS (A) (3), (B) (1) AND (B) (2) OF
THIS SECTION, NO CORPORATION MAY ACQUIRE
BY PURCHASE OR REDEMPTION SHARES OF ITS
OWN STOCK EXCEPT OUT OF SURPLUS.
(d) No acquisition by any corporation by gift, bequest
or purchase of shares of its own stock which have not been
fully paid shall release, or be made the basis of a release of,
|
![clear space](../../../images/clear.gif) |