In most states, a corporation's bylaws can negate preemptive rights.

Name: In most states, a corporation's bylaws can negate preemptive rights.
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Preemptive rights are designed to protect shareholders from dilution of their ownership percentage. While these rights can be included in the corporation's charter or bylaws, in most states, the corporation has the flexibility to structure its bylaws to either include, limit, or exclude preemptive rights, unless otherwise restricted by state law.

In Most States, a Corporation's Bylaws Can Negate Preemptive Rights