21-251. Corporation's acquisition of its own shares.
45 words·~1 min read·
/ne/chapter-21/21-251A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(MBCA 6.31)
(a)A corporation may acquire its own shares, and shares so acquired constitute authorized but unissued shares.
(b)If the articles of incorporation prohibit the reissue of the acquired shares, the number of authorized shares is reduced by the number of shares acquired.