Sec. 33-667. Issued and outstanding shares.
Sec. 33-667. Issued and outstanding shares. (a) A corporation may issue the
number of shares of each class or series authorized by the certificate of incorporation.
Shares that are issued are outstanding shares until they are reacquired, redeemed, converted or cancelled.
(b) The reacquisition, redemption or conversion of outstanding shares is subject to
the limitations of subsection (c) of this section and to section 33-687.
(c) At all times that shares of the corporation are outstanding, one or more shares
that together have unlimited voting rights and one or more shares that together are
entitled to receive the net assets of the corporation upon dissolution must be outstanding.
(P.A. 94-186, S. 41, 215; P.A. 96-271, S. 34, 254.)
History: P.A. 94-186 effective January 1, 1997; P.A. 96-271 amended Subsec. (a) to replace "articles" of incorporation
with "certificate" of incorporation, effective January 1, 1997.