490.602 - TERMS OF CLASS OR SERIES DETERMINED BY BOARD OF DIRECTORS.

        490.602  TERMS OF CLASS OR SERIES DETERMINED BY BOARD      OF DIRECTORS.         1.  If the articles of incorporation so provide, the board of      directors is authorized, without shareholder approval, to do any of      the following:         a.  Classify any unissued shares 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.         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      must determine the terms, including the preferences, rights, and      limitations, to the same extent permitted under section 490.601, of      any of the following:         a.  Any class of shares before the issuance of any shares of      that class.         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 must deliver to the secretary of state      for filing articles of amendment setting forth the terms determined      under subsection 1.  
         Section History: Recent Form
         89 Acts, ch 288, §37; 2007 Acts, ch 140, §5         Referred to in § 490.1005, 534.501, 534.508