West Virginia Code 31D-6-631 – Corporation’s acquisition of its own shares
Current as of: 2023 | Check for updates
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(a) Subject to the provisions of chapter thirty-one-a of this code and unless otherwise prohibited by law, a corporation may acquire its own shares and shares so acquired constitute authorized but unissued shares.
Terms Used In West Virginia Code 31D-6-631
- Articles of incorporation: includes , but is not limited to, amended and restated articles of incorporation and articles of merger. See West Virginia Code 31D-1-150
- Authorized shares: means the shares of all classes a domestic or foreign corporation is authorized to issue. See West Virginia Code 31D-1-150
- 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 corporation are divided. See West Virginia Code 31D-1-150
(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.