Section 1208 - Preemptive rights of shareholders(a) Unless otherwise provided in its articles, an institution may issue shares, option rights or securities having conversion or option rights without first offering them to shareholders of any class.(b) Shares or securities which have been offered to shareholders who have preemptive rights thereto and which have not been subscribed to within the time fixed by, or pursuant to, the articles, may be thereafter offered for subscription to any person at a price and upon terms not more favorable than those at which they were offered to such shareholders.1965, Nov. 30, P.L. 847, No. 356, § 1208.