This subsection does not apply to shares already issued or authorized on December 31, 1971.

5. Extrinsic facts.__Terms of shares may be made dependent upon facts objectively ascertainable outside the articles of incorporation in accordance with section 121, subsection 10.

6.__Variations among holders.__Any of the terms of shares may vary among holders of the same class or series of shares as long as the variations are expressly set forth in the articles of incorporation.

§602. Terms of class or series determined by board

of directors

1. Determination by board of directors. If a corporation's articles of incorporation provide, the board of directors may determine, in whole or part, the preferences, limitations and relative rights within the limits set forth in section 601 of any class of shares before the issuance of any shares of that class or one or more series within a class before the issuance of any shares of that series. is authorized without shareholder approval to:

A.__Classify any unissued shares into one or more classes or into one or more series within a class;

B.__Reclassify any unissued shares of any class into one or more classes or into one or more series within one or more classes; or

C.__Reclassify any unissued shares of any series of any class into one or more classes or into one or more series within a class.

2. Series must have distinguishing designation. Each series of a class must be given a distinguishing designation.

2-A.__Terms fixed before issuance.__If the board of directors acts pursuant to subsection 1, the board shall determine the terms including the preferences, rights and limitations to the same extent permitted under section 601, of:

A.__Any class of shares before the issuance of any shares of that class; or