§ 55-6-31. Corporation's acquisition of its own shares.
§ 55‑6‑31. Corporation's acquisition of its own shares.
(a) A corporation mayacquire its own shares and shares so acquired constitute authorized butunissued shares.
(b) If the articles ofincorporation prohibit the reissue of the acquired shares, the number ofauthorized shares is reduced by the number of shares acquired, effective uponamendment of the articles of incorporation.
(c) Repealed by SessionLaws 2005‑268, s. 1, effective October 1, 2005. (1955, c. 1371, s. 1; 1957,c. 1039; 1959, c. 1316, s. 19; 1963, c. 666; 1967, c. 1163; 1969, c. 751, ss.23‑27, 45; 1973, c. 1067; 1985, c. 117, s. 3; 1989, c. 265, s. 1; 2005‑268,s. 1.)