(1) Each promotional security must contain a provision waiving dividend rights and rights of participation, in the distribution of assets in the event of liquidation or dissolution, in favor of shareholders who paid cash or its equivalent for their securities that are not promotional securities.

(2) A waiver remains in effect only while the security is in escrow.

History: 30-10-107, MCA; IMP, 30-10-107, MCA; EMERG, NEW, Eff. 7/5/75; AMD, 1988 MAR p. 1803, Eff. 8/12/88; TRANS, from ARM 6.10.105, 2008 MAR p. 2046, Eff. 9/26/08.