178h Amendment Withdrawal

• Category: Corporations - Public - Changes Affecting Capital Stock
• State: Multi-State
• Control #: US-CC-3-178H
• Format: Word; Rich Text

Description

The 178h amendment withdrawal relates to the amendment of the Restated Certificate of Incorporation of Enron to change the dividend rate on the $10.50 Cumulative Second Preferred Convertible Stock to a variable amount. This proposal requires stockholder approval to amend specific paragraphs in the Certificate of Designation of the Preferred Stock. Key features include defining the designation of the stock series, the number of shares, and the terms for dividend payments, which will allow stockholders to receive either a fixed or variable dividend. Filling out this form involves gathering the necessary votes from stockholders during the annual meeting. Attorneys, partners, and associates can utilize this form to ensure compliance with Delaware law when modifying corporate charters and managing shareholder rights. Paralegals and legal assistants will benefit from understanding the procedural elements to assist with notifications and voting processes. This amendment aims to balance the interests of Preferred Stock and Common Stock holders while addressing potential selling pressures in the market. It is designed to help maintain the stock's overall value without disrupting the existing financial framework.