Iowa Code 490.631 – Corporation’s acquisition of its own shares
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1. A corporation may acquire its own shares and, except as may be otherwise provided pursuant to section 490.632, shares so acquired constitute authorized but unissued shares.
Terms Used In Iowa Code 490.631
- Articles of incorporation: means the articles of incorporation described in section 490. See Iowa Code 490.140
- Authorized shares: means the shares of all classes a domestic or foreign corporation is authorized to issue. See Iowa Code 490.140
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Shares: means the units into which the proprietary interests in a domestic or foreign corporation are divided. See Iowa Code 490.140
2. If the articles of incorporation prohibit the reissue of the acquired shares, the number of authorized shares is reduced by the number of shares acquired.