Section 43-16-111 - Capital stock - Articles specifying division into preferred and common stock

The capital stock may be divided into preferred and common stock. If so divided, the articles of incorporation must contain a statement of the number of shares of stock to which preference is granted and the number of shares of stock to which no preference is granted, and the nature and definite extent of the preference and privileges granted to each.Acts 1923, ch. 100, § 8; Shan. Supp., § 2534a35; Code 1932, §3793; T.C.A. (orig. ed.), § 43-1811.