§ 23-1-43-12

As used in this chapter, 'preferred shares' means any class or series of shares of a resident domestic corporation that under the bylaws or articles of incorporation of the resident domestic corporation:(1) is entitled to receive payment of dividends before any payment of dividends on some other class or series of shares; or(2) is entitled in the event of any voluntary liquidation, dissolution, or winding up of the corporation to receive payment or distribution of a preferential amount before any payments or distributions are received by some other class or series of shares.As added by P.L.149-1986, SEC.27. Amended by P.L.5-1988, SEC.122.