§ 6.31.
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/vt/6-31A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 6.31. Corporation’s power to acquire its own shares
(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 acquired shares, the number of authorized shares is reduced by the number of shares acquired, effective upon amendment of the articles of incorporation.
(c)The board of directors may adopt articles of amendment under this section without shareholder action and deliver them to the Secretary of State for filing. The articles must set forth:
(1)the name of the corporation;
(2)the reduction in the number of authorized shares, itemized by class and series; and
(3)the total number of authorized shares, itemized by class and series, remaining after reduction of the shares. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)