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PART I. ADMINISTRATION OF THE GOVERNMENT

TITLE XXII. CORPORATIONS

CHAPTER 156D. BUSINESS CORPORATIONS

PART 6

SUBDIVISION C.

SUBSEQUENT ACQUISITION OF SHARES BY SHAREHOLDERS AND CORPORATION

Chapter 156D: Section 6.31. Corporation’s acquisition of its own shares

Section 6.31. CORPORATION’S ACQUISITION OF 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 organization prohibit the reissue of acquired shares, the number of authorized shares is reduced by the number of shares acquired.