<?xml version='1.0' encoding='utf-8'?>
<section article="gca" article_name="Corporations and Associations" number="2-205" title_number="2" title_name="Corporations in General -- Formation, Organization, and Operation" subtitle_number="2" subtitle_name="Issuance of Securities">
  <level label="a">
    <text>For a corporation incorporated on or after October 1, 1995, unless the charter expressly grants such rights to the stockholder, a stockholder does not have any preemptive right to subscribe to:</text>
    <level label="1">
      <text>Any additional issue of stock; or</text>
    </level>
    <level label="2">
      <text>Any security convertible into an additional issue of stock.</text>
    </level>
  </level>
  <level label="b">
    <text>For a corporation incorporated before October 1, 1995, a stockholder shall have preemptive rights as and to the extent in existence before October 1, 1995, unless and until expressly changed or terminated by charter amendment.</text>
  </level>
  <level label="c">
    <level label="1">
      <text>A stockholder to whom a preemptive right has been granted may waive the preemptive right.</text>
    </level>
    <level label="2">
      <text>A written waiver of a preemptive right is irrevocable even though it is not supported by consideration.</text>
    </level>
  </level>
</section>
