(1) Authorized Shares. Each corporation shall have the power to create and issue the number of shares stated in its articles of incorporation. Such shares shall be divided into one or more classes, any or all of which classes may consist of shares with par value or shares without par value, with such designation, preferences, limitations and relative rights as shall be stated in the articles of incorporation.

(2) Preferred or Special Shares. Without limiting the authority herein contained, a corporation, when so provided in its articles of incorporation, may issue shares of preferred or special classes, or may provide or authorize the board of directors to issue shares of preferred or special classes, or may provide or authorize the board of directors to issue shares of preferred or special classes.

(3) Shares in Tribally Owned Corporations. Corporations wholly owned and operated by the Tribe shall issue shares, but all such shares shall be held by and for the Tribe by the Tribal Council. The voting right of the Tribal Council Members in such a corporation shall not be diminished or enhanced by the issuance of shares. The special provisions of subsection (2) of this section regarding preferred or special shares shall not be available to corporations wholly owned by the Tribe.

(4) Payment for Shares. The consideration for the issuance of shares may be paid, in whole or in part, in cash, in other property, tangible or intangible, received or to be received by the corporation or in labor or services actually performed or to be performed for the corporation.

(5) Future Consideration for Shares. Promissory notes, future services or other consideration which has only an intangible future value may be accepted as payment or part payment for the issuance of shares of a corporation.

(6) Certificates Representing Shares. The shares of a corporation shall be represented by certificates signed by an agent or officer authorized in the articles or bylaws to sign share certificates or, in the absence of such authorization, by an officer of the corporation. [Res. 2020-04-005 § 2, 2020.]