Idaho Code 30-29-631 – Corporation’S Acquisition of Its Own Shares
Current as of: 2023 | Check for updates
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(a) A corporation may acquire its own shares. Unless a resolution of the board of directors or the corporation’s articles of incorporation provide otherwise, shares so acquired constitute authorized but unissued shares.
(b) 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, effective upon amendment of the articles of incorporation pursuant to section 30-29-1005(f), Idaho Code.
Terms Used In Idaho Code 30-29-631
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
(c) A corporation has authority to use, hold, acquire, cancel and dispose of treasury shares.
(d) Unless the board of directors adopts an amendment to the corporation’s articles of incorporation to reduce the number of authorized shares, treasury shares of the corporation that are canceled shall be treated as authorized but unissued shares.