Maine § 13-C §602 Terms of class or series determined by board of directors

Maine Statutes

§ 13-C §602 — Terms of class or series determined by board of directors

Maine·Title 13-C MAINE BUSINESS CORPORATION ACT·Ch. 6 SHARES AND DISTRIBUTIONS

1.Determination by board of directors. If a corporation's articles of incorporation provide, the board of directors is authorized without shareholder approval to:

2.Series must have distinguishing designation. 2-A. Terms fixed before issuance. If the board of directors acts pursuant to subsection 1, the board shall determine the terms including the preferences, rights and limitations to the same extent permitted under section 601, of:

3.Identical terms. 3-A. Filing articles of amendment. 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 authorized under subsection 1.

4.Filing articles of amendment.

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1.
Determination by board of directors.
If a corporation's articles of incorporation provide, the board of directors is authorized without shareholder approval to:
2.
Series must have distinguishing designation.
2-A.
Terms fixed before issuance.
If the board of directors acts pursuant to subsection 1, the board shall determine the terms including the preferences, rights and limitations to the same extent permitted under section 601, of:
3.
Identical terms.
3-A.
Filing articles of amendment.
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 authorized under subsection 1.
4.
Filing articles of amendment.

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