49-33-24. Series of preferred stock--Characteristics of stock--Dividends--Voting powers. Upon the adoption or amendment of the articles of incorporation to include the provisions authorized by § 49-33-23, the board of directors may cause such preferred stock to be issued in one or more series, in such amounts and with such terms and characteristics, (within such prescribed limits, if any), as may be set forth in a resolution or resolutions of the board of directors adopted prior to the issuance of shares of the respective series. Such terms and characteristics may include, within such limits, variations and provisions as to distinctive serial designations (including a change or variation in the existing designation of the authorized but unissued shares of any class of preferred stock), as to the rate or rates of dividends payable thereon, as to the times of payment of and the dates from which such dividends shall be cumulative, as to the prices and terms upon which the same may be redeemed, as to the amount or amounts which shall be paid to the holders thereof in case of voluntary or involuntary dissolution or distribution of assets, as to voting powers, if any, and as to the other characteristics of and any restrictive or other provision relating to such series.
Source: SDC 1939, § 52.1518 as enacted by SL 1949, ch 211.
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