30-1-624 SHARE OPTIONS.
CORPORATIONS
CHAPTER 1
GENERAL BUSINESS CORPORATIONS
PART 6.
SHARES AND DISTRIBUTIONS
30-1-624. Share options. (1) A corporation may issue rights, options or warrants for the purchase of shares or other securities of the corporation. The board of directors shall determine:
(a) The terms upon which the rights, options or warrants are issued; and
(b) The terms, including the consideration for which the shares or other securities are to be issued. The authorization by the board of directors for the corporation to issue such rights, options or warrants constitutes authorization of the issuance of the shares or other securities for which the rights, options or warrants are exercisable.
(2) The terms and conditions of such rights, options or warrants, including those outstanding on the effective date of this act, may include, without limitation, restrictions or conditions that:
(a) Preclude or limit the exercise, transfer or receipt of such rights, options or warrants by any person or persons owning or offering to acquire a specified number or percentage of the outstanding shares or other securities of the corporation or by any transferee or transferees of any such person or persons; or
(b) Invalidate or void such rights, options or warrants held by any such person or persons or any such transferee or transferees.