Corporate Shares and Distributions 

South Carolina Code > Title 33 > Chapter 6 > § 33-6-310 - Corporation's acquisition of own shares

(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 amendment of the articles of incorporation.

(c) The board of directors may adopt articles of amendment under this section without shareholder action and deliver them to the Secretary of State for filing. The articles must set forth:

(1) the name of the corporation;

(2) the reduction of the number of authorized shares, itemized by class and series; and

(3) the total number of authorized shares, itemized by class and series, remaining after reduction of the shares.

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Questions & Answers: Corporate Shares and Distributions

when this article 9 (Business Corporation Law) was enacted ? I would appreciate your prompt response...

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