37(2) 38A statement included in the articles of incorporation that “the corporation elects to have preemptive rights” (or words of similar import) means that the following principles apply except to the extent the articles of incorporation expressly provide otherwise:76(a) 77The shareholders of the corporation have a preemptive right, granted on uniform terms and conditions prescribed by the board of directors to provide a fair and reasonable opportunity to exercise the right, to acquire proportional amounts of the corporation’s unissued shares and treasury shares upon the decision of the board of directors to issue them.
132(b) 133A shareholder may waive his or her preemptive right. A waiver evidenced by a writing is irrevocable even though it is not supported by consideration.
158(c) 159There is no preemptive right with respect to:1671. 168Shares issued as compensation to directors, officers, agents, or employees of the corporation, its subsidiaries, or its affiliates;
1862. 187Shares issued to satisfy conversion or option rights created to provide compensation to directors, officers, agents, or employees of the corporation, its subsidiaries, or its affiliates;
2133. 214Shares authorized in the articles of incorporation that are issued within 6 months from the effective date of incorporation;
2334. 234Shares issued pursuant to a plan of reorganization approved by a court of competent jurisdiction pursuant to a law of this state or of the United States; or
2625. 263Shares issued for consideration other than money.
270(d) 271Holders of shares of any class or series without general voting rights but with preferential rights to receive the net assets upon dissolution have no preemptive rights with respect to shares of any class or series.
307(e) 308Holders of shares of any class or series with general voting rights but without preferential rights to distributions upon dissolution have no preemptive rights with respect to shares of any class or series with preferential rights to receive the net assets of the corporation upon dissolution unless the shares with preferential rights are convertible into or carry a right to subscribe for or acquire the shares without preferential rights.
377(f) 378Shares subject to preemptive rights that are not acquired by shareholders may be issued to any person for a period of 1 year after being offered to shareholders at a consideration set by the board of directors that is not lower than the consideration set for the exercise of preemptive rights. An offer at a lower consideration or after the expiration of 1 year is subject to the shareholders’ preemptive rights.