District of Columbia § 29-304.02 Terms of class or series determined by board of directors.

District of Columbia Statutes

§ 29-304.02 — Terms of class or series determined by board of directors.

District of Columbia § 29-304.02

JurisdictionDistrict of Columbia

Title 29Business Organizations. [Enacted title]

Ch. 3Business Corporations.

Subch. IVShares and Distributions.

Part AShares.

This text of District of Columbia § 29-304.02 (Terms of class or series determined by board of directors.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 29-304.02 (2026).

Text

(a)If the articles of incorporation so provide, the board of directors may, without shareholder approval:

(1)Classify any unissued shares into one or more classes or into one or more series within a class;

(2)Reclassify any unissued shares of any class into one or more classes or into one or more series within one or more classes; or

(3)Reclassify any unissued shares of any series of any class into one or more classes or into one or more series within a class.

(b)If the board of directors acts pursuant to subsection (a) of this section, it shall determine the terms, including the preferences, rights, and limitations, to the same extent permitted under § 29-304.01 , of:

(1)Any class of shares before the issuance of any shares of that class; or

(2)Any series within a c

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(a) If the articles of incorporation so provide, the board of directors may, without shareholder approval:

(1) Classify any unissued shares into one or more classes or into one or more series within a class;

(2) Reclassify any unissued shares of any class into one or more classes or into one or more series within one or more classes; or

(3) Reclassify any unissued shares of any series of any class into one or more classes or into one or more series within a class.

(b) If the board of directors acts pursuant to subsection (a) of this section, it shall determine the terms, including the preferences, rights, and limitations, to the same extent permitted under § 29-304.01 , of:

(1) Any class of shares before the issuance of any shares of that class; or

(2) Any series within a class before the issuance of any shares of that series.

(c) Before issuing any shares of a class or series created under this section, the corporation shall deliver to the Mayor for filing articles of amendment setting forth the terms determined under subsection (a) and (b) of this section.