Section 32. A company organized under the laws of the commonwealth may, by vote of two thirds in interest of its common stockholders at a meeting duly called therefor, with the approval of the department, and subject to section twenty-eight of this chapter and section fifty-two of chapter one hundred and fifty-nine, issue, and from time to time increase, preferred stock of one or more classes, for any lawful purposes for which such companies may issue or increase their capital stock. Each class of preferred stock shall be entitled to the preferences and rights and subject to the restrictions and limitations fixed by such vote as approved by the department.