30.0120 Amendments-Procedure.

Cite as [A.S.C.A. § 30.0120]

(a) Any corporation operating under this chapter may, when and as desired, amend its articles of incorporation by:

(1) additions to its corporate powers and purposes, or diminution thereof, or both, or by sub-stitution of other powers and purposes, in whole or in part, for those prescribed by its articles of incorporation;

(2) increasing or decreasing its authorized capital stock or reclassifying the same, by changing the number, par value, designations, preference, or relative, participating, optional or other special rights of the shares or the qualifications, limitations or restrictions of such rights;

(3) changing its corporate title;

(4) making any other change or alteration in its articles of incorporation that may be desired.

(b) All such changes or alterations may be effected by one certificate of amendment; provided, that any articles of incorporation as so amended, changed, or altered may contain only such provisions as it would be lawful and proper to insert in original articles of incorporation made at the time of making such amendments, and the procedures set forth in 30.0111 through 30.0115 must be followed with respect to the filing, approval by the Governor and recordation of any such amendment.

(c) A shareholder of the corporation does not have a vested property right resulting from any provision in the articles of incorporation, including provisions relating to management, control, capital structure, dividend entitlement, or purpose or duration of the corporation.

History: 1962, PL 7-20, 2000, PL 26-23.