Section 10.06.308. Issuance of preferred or special classes of shares.

If authorized by the articles of incorporation, a corporation may issue preferred or special classes of shares
        (1) subject to redemption as provided under AS 10.06.325;
        (2) entitling the holders to cumulative, noncumulative, or partially cumulative dividends;
        (3) having preferences over another class or classes of shares for the payment of dividends;
        (4) having preference in the assets of the corporation over another class of shares upon the voluntary or involuntary liquidation of the corporation;
        (5) convertible into shares of another class or into shares of a series of the same or another class, except a class having prior or superior rights and preferences as to dividends or distribution of assets upon liquidation.

Notes

History

(Sec. 1 ch 166 SLA 1988; am Sec. 1 ch 12 SLA 2000)