2017 Colorado Revised Statutes
Title 7 - Corporations and Associations
Corporations - Continued
Article 106 - Shares and Distributions
Part 3 - Subsequent Acquisition of Shares by Shareholders and Corporation
§ 7-106-302. Corporation's acquisition of its own shares
(1) A corporation may acquire its own shares, and, except as provided by section 7-117-101 (6), shares so acquired constitute authorized but unissued shares.
(2) If the articles of incorporation prohibit the reissuance of acquired shares:
(a) The number of authorized shares is reduced by the number of shares acquired by the corporation, effective upon amendment to the articles of incorporation; and
(b) The corporation shall deliver to the secretary of state, for filing pursuant to part 3 of article 90 of this title, articles of amendment to the articles of incorporation, which are effective without shareholder action, that state:
(I) The domestic entity name of the corporation;
(II) The reduction in the number of authorized shares, itemized by class and series; and
(III) The total number of authorized shares, itemized by class and series, remaining after reduction of the shares.
