Corporations 

Alabama Code > Title 10 > Chapter 2B > § 10-2B-6.31 - Corporation's acquisition of its own shares

(a) Except as otherwise provided in its articles of incorporation, a corporation may acquire its own shares. Unless the articles of incorporation prohibit their reissuance, shares so acquired shall constitute treasury shares.

(b) If the articles of incorporation prohibit the reissuance of acquired shares, the reacquisition of such shares shall effect a cancellation of them. A statement of cancellation as to such shares shall be filed as provided in Section 10-2B-6.32. The filing of a statement of cancellation with respect to such shares shall constitute an amendment to the corporation's articles of incorporation reducing the number of shares of the class of shares so canceled that the corporation is authorized to issue by the number of shares so canceled.

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Questions & Answers: Corporations

A corporation was dissolved by the state due to 17 years of unpaid annual report fees. The sole owner of the corporation has died. He has left the dissolved corporation's buildin...

Shari, Please clarify what you mean when you say the owner "left" the corporation's building to his children. Even though the corporation was dissolved it still continues to exist...

The building and the shares were given to the children the will. There are 17 years of back annual renewal fees that are delinquent and unpaid by the corporation. The will also s...

Shari, Strictly speaking, I don't see how the will could leave the building to the children. If I understand correctly, the father did not personally own the building in his own na...

There are 6 shareholders that are all related. Four of the shareholders are involved in the creation of the new LLC without the other 2 shareholders. No transfers of shares have...

If the president of a board says something to a child (member) in her vehicle on personal time. Then that child repeats it to another child (member) during company time is the boa...

Alabama Laws: Corporations

U.S. Code Provisions: Corporations

U.S. Code > Title 15 > Chapter 98 - Public Company Accounting Reform And Corporate Responsibility

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