Section 48-101-109 - No preemptive rights respecting unissued stock

No stockholder shall be entitled as of right to purchase or subscribe for any unissued stock of the corporation, whether now or hereafter authorized, or whether of a class not existing or of a class hereafter created, or to purchase or subscribe for any bonds, certificates of indebtedness, debentures, or other obligations convertible into stock of the corporation.Acts 1959, ch. 170, § 9; T.C.A., §§ 48-1709, 48-3-109.