The waiver of preemptive rights of a shareholder, if applicable, involves a personal act by each stockholder, and such waiver cannot be accomplished by a stockholder vote at a stockholders' meeting, except for the waiver by shareholders of any applicable preemptive rights that would attach to shares that are authorized by a due vote of the shareholders to be issued upon the conversion of any convertible capital notes or pursuant to any stock option, stock purchase, employee stock ownership plan, or other compensation plan authorized by Arkansas Code § 23-47-101(a)(10).

Codification Notes: This section was promulgated as Section 48-314.2 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-48-314)"