13.1-652 - Corporation's acquisition of its own shares.
§ 13.1-652. Corporation's acquisition of its own shares.
A. A corporation may acquire its own shares and shares so acquired constituteauthorized but unissued shares of the same class, if any, but undesignated asto series.
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 the issuance of a certificate of amendment. The corporationshall file with the Commission articles of amendment setting forth:
1. The name of the corporation;
2. The reduction in the number of authorized shares, itemized by class andseries;
3. The total number of authorized shares, itemized by class and series,remaining after reduction of the shares; and
4. A statement that the reduction in the number of authorized shares wasauthorized by the board of directors. The articles of amendment may beadopted by the board of directors without shareholder action.
C. If the Commission finds that the articles of amendment comply with therequirements of law and that all required fees have been paid, it shall issuea certificate of amendment.
(Code 1950, §§ 13.1-65, 13.1-66; 1956, c. 428; 1958, c. 564; 1985, c. 522;2005, c. 765.)