§240. Reclassification of stock
A. In case of a reclassification of stock, the articles of amendment shall state:
(1) The number of shares that have a par value and the par value thereof, and the number of shares that have no par value;
(2) If the shares are divided into classes, a description of the classes, a statement of the number of shares in each class, the designation of each class, and a statement of the preferences, limitations and relative rights of the shares of each class; and
(3) If shares are divided into series, the designation of each series and a statement of the variations in the relative rights and preferences.
B. Following a reclassification of stock, the aggregate allocated value of the issued shares shall not exceed stated capital.
Acts 1968, No. 105, §1.