§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.