Classification or reclassification of unissued shares determined by board of directors

If the articles of incorporation so provide, the board of directors, without shareholder approval, may: (1) Classify any unissued shares into one or more classes or into one or more series within a class; (2) Reclassify any unissued shares of any class into one or more classes or into one or more series within one or more classes; or (3) Reclassify any unissued shares of any series of any class into one or more classes or into one or more series within a class. Source: SL 2005, ch 239, § 56.