§ 5011. Redeemable shares. 1. A corporation may provide in its
organization certificate for a class of common shares in relation to an
incentive stock option plan pursuant to section one hundred forty-a of
this chapter and for one or more classes or series of preferred shares
which are redeemable, in whole or in part, at the option of the
corporation at such price or prices, within such period or periods and
under such conditions as are stated in the organization certificate.

2. A corporation shall not issue redeemable or other shares which
purport by their terms to grant to any holder thereof the right to
compel the corporation to redeem such shares.

3. Nothing in this section shall prevent a corporation from creating
sinking funds for the redemption or purchase of its preferred shares to
the extent permitted by section five thousand twelve.