35-14-602. Terms of class or series -- determination by board of directors.
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35-14-602 . Terms of class or series -- determination by board of directors.
(1)If the articles of incorporation so provide, the board of directors is authorized, without shareholder approval, to:
(a)classify any unissued shares into one or more classes or into one or more series within a class;
(b)reclassify any unissued shares of any class into one or more classes or into one or more series within one or more classes; or
(c)reclassify any unissued shares of any series of any class into one or more classes or into one or more series within a class.
(2)If the board of directors acts pursuant to subsection (1), it shall determine the terms, including the preferences, rights, and limitations, to the same extent permitted under 35-14-601 , of:
(a)any class of shares before the issuance of any shares of that class; or
(b)any series within a class before the issuance of any shares of that series.
(3)Before issuing any shares of a class or series created under this section, the corporation shall deliver to the secretary of state for filing articles of amendment setting forth the terms determined under subsection (2).