Sec. 10.06.313. Variation in rights and preferences of shares.

159 words·~1 min read·/ak/title-10/chapter-6/10-06-313

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any or all of the rights and preferences of a series of a preferred or special class of shares and the variations in the relative rights and preferences between different series may be fixed and determined by the articles of incorporation, but shares of the same class shall be identical except for the following relative rights and preferences as to which there may be variations between series:

(1)the rate of dividend;

(2)the price and the terms and conditions on which shares may be redeemed;

(3)the amount payable upon shares in the event of involuntary liquidation;

(4)the amount payable upon shares in the event of voluntary liquidation;

(5)sinking fund provisions for the redemption or purchase of shares;

(6)the terms and conditions on which shares may be converted, if the shares of a series are issued with the privilege of conversion;

(7)voting rights, if any.