15-2-108. AUTHORIZED SHARES.

Each corporation shall have power to create and issue the number of shares stated in its articles of incorporation. Such shares may be divided into one or more classes with such designations, preferences, limitations, and relative rights of or provide special voting rights for the shares of any class to the extent not inconsistent with the provision of this title. Unless otherwise provided in the Articles of Incorporation, such shares shall carry preemptive rights.

Without limiting the authority herein contained, a corporation, when so provided in its articles of incorporation, may issue shares of preferred or special classes:

1. Subject to the right of the corporation to redeem any of such shares at the price fixed by the articles of incorporation for the redemption thereof.
2. Entitling the holders thereof to cumulative, non-cumulative or partially cumulative dividends.
3. Having preference over any other class or classes of shares as to the payment of dividends.
4. Having preference in the assets of the corporation over any other class or classes of shares upon the voluntary or involuntary liquidation of the corporation.
5. Convertible into shares of any other class or into shares of any series of the same or any other class, except a class having prior or superior rights and preference as to dividends or distribution of assets upon liquidation.