There is a newer version
of
this Section
2017 Idaho Statutes
Title 30 - CORPORATIONS
Chapter 29 - GENERAL BUSINESS CORPORATIONS
Part 6 - SHARES AND DISTRIBUTIONS
Section 30-29-602 - TERMS OF CLASS OR SERIES DETERMINED BY BOARD OF DIRECTORS.
Universal Citation: ID Code § 30-29-602 (2017)
30-29-602. 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:
(a) Classify any unissued shares into one (1) or more classes or into one (1) or more series within a class;
(b) Reclassify any unissued shares of any class into one (1) or more classes or into one (1) or more series within one (1) or more classes; or
(c) Reclassify any unissued shares of any series of any class into one (1) or more classes or into one (1) or more series within a class.
(2) If the board of directors acts pursuant to subsection (1) of this section, it must determine the terms, including the preferences, rights and limitations, to the same extent permitted under section 30-29-601, Idaho Code, 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 must deliver to the secretary of state for filing articles of amendment setting forth the terms determined under subsection (1) of this section.
History:
[30-29-602, added 2015, ch. 243, sec. 61, p. 910.]
Disclaimer: These codes may not be the most recent version. Idaho may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
