Section 8004. Class voting on amendment  


Latest version.
  • 1. Notwithstanding any provision in
      the  organization  certificate,  the  holders  of  shares  of a class or
      series, shall be entitled to vote and  to  vote  as  a  class  upon  the
      authorization  of  an amendment and, in addition to the authorization of
      the amendment by vote of the holders of a majority  of  all  outstanding
      shares  entitled  to  vote thereon, the amendment shall be authorized by
      vote of the holders of a majority of all outstanding shares of the class
      or series when a proposed amendment would:
        (a) Exclude or limit their right to vote on any matter, except as such
      right may be limited by voting rights given to  new  shares  then  being
      authorized of any existing or new class or series;
        (b)  Change  their  shares  under  subdivision  two (h), (i) or (j) of
      section eight thousand one or provide that their shares may be converted
      into shares of any other class or into shares of any other series of the
      same class, or alter the terms or conditions upon which their shares are
      convertible or change the  shares  issuable  upon  conversion  of  their
      shares, if such action would adversely affect such holders; or
        (c) Subordinate their rights, by authorizing shares having preferences
      which would be in any respect superior to their rights.
        2.  If  any  proposed  amendment  referred to in subdivision one would
      adversely affect or subordinate the rights of the holders of  shares  of
      only  one  or  more  series of any class, but not the entire class, then
      only the holders of each series whose rights would be adversely affected
      or subordinated shall be considered a separate class for the purposes of
      this section.