Montana § 35-14-602 Terms Of Class Or Series -- Determination By Board Of Directors

Montana Statutes

§ 35-14-602 — Terms Of Class Or Series -- Determination By Board Of Directors

Montana·Title 35 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS·Ch. 14 MONTANA BUSINESS CORPORATION ACT·Part 6 Shares and Distributions

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

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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).

Montana § 35-14-602 (Terms Of Class Or Series -- Determination By Board Of Directors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.