State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-2036

21-2036. Class or series of shares; determined by board of directors.(1) If the articles of incorporation so provide, the board of directors may determine, in whole or in part, the preferences, limitations, and relative rights, within the limits set forth in section 21-2035, of (a) any class of shares before the issuance of any shares of that class or (b) one or more series within a class before the issuance of any shares of that series.(2) Each series of a class shall be given a distinguishing designation.(3) All shares of a series shall have preferences, limitations, and relative rights identical with those of other shares of the same series and, except to the extent otherwise provided in the description of the series, with those of other series of the same class.(4) Before issuing any shares of a class or series created under this section, the corporation shall deliver to the Secretary of State for filing articles of amendment, which shall be effective without shareholder action, that set forth:(a) The name of the corporation;(b) The text of the amendment determining the terms of the class or series of shares;(c) The date the amendment was adopted; and(d) A statement that the amendment was duly adopted by the board of directors. SourceLaws 1995, LB 109, § 36.