State Codes and Statutes
Statutes > Louisiana > Rs > Title12 > Rs12-54§54. Reclassification of stock
A. In case of a reclassification of stock, the articles of amendment or merger agreement 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, the number of shares of each class; the par value of the shares of each class or that such shares are without par value; the designation of each class, and in so far as fixed in the articles, each series of each preferred or special class; the preferences, limitations and relative rights of the shares of each class and the variations in relative rights and preferences as between series, in so far as fixed in the articles; and any authority vested in the board of directors to amend the articles to fix the relative rights, preferences and limitations of the shares of any class, and to establish, and fix variations in relative rights as between, series of any preferred or special class.
B. Following a reclassification of stock, the aggregate allocated value of the issued shares shall not exceed stated capital.
Acts 1968, No. 105, §1.
