?
I believe this is the first half of the cited law
Seems to me that the law clearly states each company will set things up as they wish AND SPELL OUT IN ALL MATERIALS
The holders of preferred or special stock of any class or of any series thereof shall be entitled to receive dividends at such rates, on such conditions and at such times as shall be stated in the certificate of incorporation or in the resolution or resolutions providing for the issue of such stock adopted by the board of directors as hereinabove provided, payable in preference to, or in such relation to, the dividends payable on any other class or classes or of any other series of stock, and cumulative or noncumulative as shall be so stated and expressed.
?
News 
Market Data 
Discover 
