District of Columbia Code
Part B - Issuance of Shares
§ 29–304.24. Share options

(a)(1) A corporation may issue rights, options, or warrants for the purchase of shares or other securities of the corporation. The board of directors shall determine:
(A) The terms upon which the rights, options, or warrants are issued; and
(B) The terms, including the consideration, for which the shares or other securities are to be issued.
(2) The authorization by the board of directors for the corporation to issue the rights, options, or warrants under paragraph (1) of this subsection shall constitute authorization of the issuance of the shares or other securities for which the rights, options, or warrants are exercisable.
(b) The terms and conditions of the rights, options, or warrants, including those outstanding on the effective date of this section, may include restrictions or conditions that:
(1) Preclude or limit the exercise, transfer, or receipt of the rights, options, or warrants by any person owning or offering to acquire a specified number or percentage of the outstanding shares or other securities of the corporation or by any transferee of any such person; or
(2) Invalidate or void the rights, options, or warrants held by any such person or any such transferee.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)

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