180.0602 Terms of class or series determined by board of directors.
222 words·~1 min read·
/wi/chapter-180/180-0602A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
180.0602 Terms of class or series determined by board of directors.
(1)To the extent provided in the articles of incorporation, the board of directors may, within the limits under s. 180.0601 , do any of the following:
(a)Determine with respect to any class of shares the preferences, limitations and relative rights, in whole or in part, before the issuance of any shares of that class.
(b)Create one or more series within a class, and, with respect to any series, determine the number of shares of the series, the distinguishing designation and the preferences, limitations and relative rights, in whole or in part, before the issuance of any shares of that series, except that an investment company may prescribe that each series has an indefinite number of authorized shares.
(c)In the case of an investment company, change the distinguishing designation of a class or series of shares, whether or not shares of the class are issued and outstanding, if the change does not affect the preferences, limitations and relative rights, in whole or in part, of the class or series.
(2)Before issuing any shares of a class or series under sub.
(1), the corporation shall deliver to the department for filing articles of amendment, which are effective without shareholder action, that include all of the following information: