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2006 Kentucky Revised Statutes - .310 Corporation\'s acquisition of its own shares.
271B.6-310 Corporation's acquisition of its own shares. (1)
A corporation may acquire its own shares and shares so acquired
shall constitute authorized but unissued shares. (2) If the
articles of incorporation prohibit the reissue of acquired shares,
the number of authorized shares shall be reduced by the number of
shares acquired, effective upon amendment of the articles of
incorporation. (3) Articles of amendment may be adopted by the
board of directors without shareholder action, and shall be
delivered to the Secretary of State for filing, and shall set
forth: (a) The name of the corporation; (b) The
reduction in the number of authorized shares, itemized by class and
series; and (c) The total number of authorized shares,
itemized by class and series, remaining after reduction of the
shares. Effective: January 1, 1989 History: Created
1988 Ky. Acts ch. 23, sec. 47, effective January 1, 1989.
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