[§414-84]  Share dividends.  (a)  Unless
the articles of incorporation provide otherwise, shares may be issued pro rata
and without consideration to the corporation's shareholders or to the
shareholders of one or more classes or series.  An issuance of shares under
this subsection is a share dividend.



(b)  Shares of one class or series may not be
issued as a share dividend in respect of shares of another class or series
unless:



(1)  The articles of incorporation so authorize;



(2)  A majority of the votes entitled to be cast by
the class or series to be issued approve the issue; or



(3)  There are no outstanding shares of the class or
series to be issued.



(c)  If the board of directors does not fix the
record date for determining shareholders entitled to a share dividend, it is
the date the board of directors authorizes the share dividend. [L 2000, c 244,
pt of §1]