06.07.010 Authorized Shares.
(1) Each corporation shall have power to create and issue the number of shares stated in its articles of incorporation. Such shares may be divided into one or more classes with such designations, preferences, limitations, and relative rights of or provide special voting rights for the shares of any class to the extent not inconsistent with the provisions of this Title. Unless otherwise provided in the Articles of Incorporation, such shares shall carry preemptive rights. Without limiting the authority herein contained, a corporation, when so provided in its articles of incorporation, may issue shares of preferred or special classes:
(A) Subject to the right of the corporation to redeem any of such shares at the price fixed by the articles of incorporation for the redemption thereof.
(B) Entitling the holders thereof to cumulative, non-cumulative or partially cumulative dividends.
(C) Having preference over any other class or classes of shares as to the payment of dividends.
(D) Having preference in the assets of the corporation over any other class or classes of shares upon the voluntary or involuntary liquidation of the corporation.
(E) Convertible into shares of any other class or into shares of any series of the same or any other class, except a class having prior or superior rights and preferences as to dividends or distribution of assets upon liquidation.
(2) Each corporation is limited in its capacity to distribute shares and dividends. The limitations are:
(A) All shares created and owned by the Tribe for the benefit of its members shall be restricted from sale after the corporation(s) date of acceptance of their article of incorporation formed pursuant to this Title.
(B) The Tribe shall maintain at least a 51% ownership of all the shares created/issued by or existing with the corporation.
(C) The General Council of the Cowlitz Indian Tribe shall have the right of determining the distribution of dividends or assets received from the corporation.
(3) Each corporation is authorized to make no more than 49% of its total shares available for purchase or sale to any organization or person. Some corporations may be required to be owned in its entirety by the Cowlitz Indian Tribe which shall be a provision within a particular corporation’s article of incorporation. The status of the shares availability shall be recorded within the corporation’s articles of incorporation.