(a) A corporation may acquire its own shares and shares so acquired constitute authorized but unissued shares.

Terms Used In Connecticut General Statutes 33-684

  • 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.

(b) If the certificate of incorporation prohibits the reissue of the acquired shares, the number of authorized shares is reduced by the number of shares acquired.