North Dakota Code 10-19.1-20 – Class or series voting on amendments
The holders of the outstanding shares of a class or series are entitled to vote as a class or series upon a proposed amendment, whether or not entitled to vote thereon by the provisions of the articles, if the amendment would:
Terms Used In North Dakota Code 10-19.1-20
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
1. Increase or decrease the par value of the shares of the class or series; 2. Effect an exchange, reclassification, or cancellation of all or part of the shares of the class or series or effect a combination of outstanding shares of a class or series into a lesser number of shares of the class or series when each other class and series is not subject to a similar combination; 3. Effect an exchange, or create a right of exchange, of all or any part of the shares of another class or series for the shares of the class or series; 4. Change the rights or preferences of the shares of the class or series; 5. Create a new class or series of shares having rights and preferences prior and superior to the shares of that class or series, or increase the rights and preferences or the number of authorized shares, of a class or series having rights and preferences prior or superior to the shares of that class or series; 6. Divide the shares of the class into series and determine the designation of each series and the variations in the relative rights and preferences between the shares of each series, or authorize the board to do so; 7. Limit or deny any existing pre-emptive rights of the shares of the class or series; or
8. Cancel or otherwise affect distributions on the shares of the class or series that have accrued but have not been declared.