Examples of Series B Preferred Stock in a sentence
The Series B Preferred Stock shall rank junior to all other series of Preferred Stock as to payment of dividends and as to the distribution of assets upon liquidation, dissolution and winding up to all other series of the Corporation’s preferred stock, unless the terms of any such series shall provide otherwise, and shall rank senior to the Common Stock as to such matters.
Series B Preferred Stock may be issued in fractions of a share which shall entitle the holder, in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series B Preferred Stock.
Any shares of Series B Preferred Stock redeemed, purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired and canceled promptly after the acquisition thereof.
Such number of shares of the Series B Preferred Stock may be increased or decreased by resolution of the Board of Directors; provided, however, that no decrease shall reduce the number of shares of Series B Preferred Stock to a number less than the number of shares then outstanding plus the number of shares issuable upon exercise or conversion of outstanding rights, options or other securities issued by the Corporation.