Common use of Designation of Series and Number of Shares Clause in Contracts

Designation of Series and Number of Shares. (a) The authorized number of Series F Preferred Shares may be decreased (but not below the number of Series F Preferred Shares then issued and outstanding) from time to time by the Board of Directors. Outstanding Series F Preferred Shares that are purchased or otherwise acquired by the Corporation shall be cancelled and, if the Board of Directors so expressly provides by resolution, shall revert to authorized but unissued Preferred Shares of the Corporation undesignated as to series.

Appears in 1 contract

Samples: Porter Bancorp, Inc.

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Designation of Series and Number of Shares. (a) The authorized number of Series F E Preferred Shares may be decreased (but not below the number of Series F E Preferred Shares then issued and outstanding) from time to time by the Board of Directors. Outstanding Series F E Preferred Shares that are purchased or otherwise acquired by the Corporation shall be cancelled and, if the Board of Directors so expressly provides by resolution, shall revert to authorized but unissued Preferred Shares of the Corporation undesignated as to series.

Appears in 1 contract

Samples: Porter Bancorp, Inc.

Designation of Series and Number of Shares. (a) The authorized number of Series F B Preferred Shares may be decreased (but not below the number of Series F B Preferred Shares then issued and outstanding) from time to time by the Board of Directors. Outstanding Series F B Preferred Shares that are purchased or otherwise acquired by the Corporation shall be cancelled and, if the Board of Directors so expressly provides by resolution, shall revert to authorized but unissued Preferred Shares of the Corporation undesignated as to series.

Appears in 1 contract

Samples: Porter Bancorp, Inc.

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Designation of Series and Number of Shares. (a) The authorized number of Series F D Preferred Shares may be decreased (but not below the number of Series F D Preferred Shares then issued and outstanding) from time to time by the Board of Directors. Outstanding Series F D Preferred Shares that are purchased or otherwise acquired by the Corporation shall be cancelled and, if the Board of Directors so expressly provides by resolution, shall revert to authorized but unissued Preferred Shares of the Corporation undesignated as to series.

Appears in 1 contract

Samples: Porter Bancorp, Inc.

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