South Carolina Elimination of the Class A Preferred Stock

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Multi-State
Control #:
US-CC-3-165
Format:
Word; 
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FAQ

Series A-2 Preferred Stock means the Preferred Stock designated by the Board of Directors as Series A-2 11% Preferred Stock and having the powers, designations, preferences, and the relative, participating, optional and other special rights and qualifications, limitations and restrictions set forth in the Series A-2 ...

Common shares represent residual ownership in a company and in the event of liquidation or dividend payments, common shares can only receive payments after preferred shareholders have been paid first.

The main difference between preferred and common stock is that preferred stock gives no voting rights to shareholders while common stock does. Preferred shareholders have priority over a company's income, meaning they are paid dividends before common shareholders.

The four main types of preference shares are callable shares, convertible shares, cumulative shares, and participatory shares.

Series 2 Preferred Stock means the Series 2 Cumulative Convertible Redeemable Preferred Stock of the Corporation, par value $0.01 per share.

The Series A Preferred Stock, voting separately as a class at each annual meeting, shall be entitled to nominate and elect a number of directors equal to one-third of the total number of directorships (each director entitled to be elected by the Series A Preferred Stock, a ?Series A Director?).

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South Carolina Elimination of the Class A Preferred Stock