§ 10-630 – Shareholders’ preemptive rights; definition

10-630. Shareholders’ preemptive rights; definition A. The shareholders of a corporation do not have any preemptive right to acquire the corporation’s unissued shares except to the extent the articles of incorporation so provide. B. A statement included in the articles of incorporation that " the corporation elects to have preemptive rights" or words of similar […]

§ 10-631 – Corporation’s acquisition of its own shares

10-631. 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 incorporation prohibit the reissue of acquired shares, the number of authorized shares is reduced by the number of shares acquired, effective on amendment of the articles […]