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(3) In a designated amount or in an amount At prices and | in amounts specified, or determined in accordance with a | designated formula or by reference to extrinsic data or | events; |
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| C. Entitle the holders to distributions calculated in any | manner, including dividends that may be cumulative, | noncumulative or partially cumulative; or |
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| D. Have preference over any other class or series of shares | with respect to distributions, including dividends and | distributions upon the dissolution of the corporation. |
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| The description of the designations, preferences, limitations, | and relative rights of share classes in this subsection is not | exhaustive. |
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| | 4. Rules of construction for preferred shares. Unless | otherwise provided by this Act or by a corporation's articles of | incorporation or by resolution of the board of directors in the | case of shares whose terms may be fixed as provided by section | 602: |
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| A. Shares that are preferred as to dividends are deemed | cumulative preferred shares; |
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| B. Shares that are preferred as to dividends are not | entitled to participate in dividends beyond the amount of | the stated dividend preference; |
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| C. Shares that are preferred as to dividends are preferred, | on liquidation of the corporation, to the extent of the par | or stated value of the shares, if any; |
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| D. Shares that are preferred as to liquidation are not | entitled to participate in liquidation payments beyond the | amount of the liquidation preference stated in the articles | of incorporation or implied under paragraph C; |
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| E. If preferred shares cumulative as to dividends are | entitled to a preferential payment on liquidation, the | payment must also include the amount of dividends accrued | but unpaid as of the date of liquidation; |
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| F. Shares that are preferred as to dividends or as to | payments upon liquidation are not entitled to vote; and |
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| G. "Liquidation," "rights upon liquidation" and terms of like | import shall refer to the formal dissolution of the |
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