SECTION 85:25-3-26. Increase in authorized stock/issuance of preferred stock

  Any savings and loan association with the written approval of the Commissioner and by vote of stockholders owning two-thirds (2/3) of the stock of the savings and loan entitled to vote, may by proper amendment to its Articles of Incorporation, authorize the issuance of preferred stock or authorize an increase in the common or preferred stock of the savings and loan in the category of authorized but unissued stock. Such authorized but unissued stock may be issued from time to time to employees of the savings and loan, pursuant to a stock option or stock purchase plan adopted in accordance with the Oklahoma Statutes. Authorized but unissued stock may also be issued from time to time for such other purposes and considerations as may be approved by the Board of Directors of the savings and loan and by the written approval of the Commissioner.

[Source: Transferred from 625:10-3-7 (see Editor’s Note at beginning of this Chapter)]