§ 55-6-24. Rights, options, and warrants. - North Carolina Statutes

§55‑6‑24.  Rights, options, and warrants.

(a)        A corporation mayissue rights, options, or warrants for the purchase of shares of thecorporation.  The board of directors shall determine the terms upon which therights, options, or warrants are issued, their form and content, and theconsideration for which the shares are to be issued.

(b)        In the case of apublic corporation, the terms and conditions of such rights, options orwarrants may include, without limitation, restrictions or conditions thatpreclude or limit the exercise, transfer or receipt of such rights, options orwarrants by the holder or holders or beneficial owner or owners of a specifiednumber or percentage of the outstanding voting shares of such publiccorporation or by any transferee of any such holder or owner, or thatinvalidate or void such rights, options or warrants held by any such holder orowner or by such transferee.  Determinations by the board of directors whetherto impose, enforce, waive or otherwise render ineffective any such restrictionsor conditions may be judicially reviewed in an appropriate proceeding. (1955,c. 1371, s. 1; 1959, c. 1316, s. 11; 1989, c. 265, s. 1.)