(a) If the articles of incorporation so provide, the board of directors is authorized without shareholder approval, to:(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.
(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), it must determine the terms, including the preferences, rights and limitations, to the same extent permitted under Section 79-4-6.01 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.
(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 must deliver to the Secretary of State for filing articles of amendment setting forth the terms determined under subsection (a).