(1) If the articles of incorporation so provide, the board of directors may determine, in whole or part, the preferences, limitations and relative rights, within the limits set forth in ORS 707.110, of any class of shares before the issuance of any shares of that class or of one or more series within a class before the issuance of any shares of that series.
(2) Each series of a class must be given a distinguishing designation.
(3) All shares of a series must 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, of those of other series of the same class.
(4) Before issuing any shares of a class or series created under this section, the institution or Oregon stock savings bank must deliver to the Director of the Department of Consumer and Business Services for filing, articles of amendment which are effective without shareholder action that set forth:
(a) The name of the institution or Oregon stock savings bank;
(b) The text of the amendment determining the terms of the class or series of shares;
(c) The date it was adopted; and
(d) A statement that the amendment was duly adopted by the board of directors. [1989 c.324 §28; 1997 c.631 §66]
Section: Previous 707.244 707.246 707.248 707.250 707.252 707.254 707.256 707.258 707.260 707.262 707.264 707.266 707.268 707.270 707.272 NextLast modified: August 7, 2008