55-6-31. Corporation's acquisition of its own shares.
(a) A corporation may acquire its own shares and 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.
(c) Repealed by Session Laws 2005-268, s. 1, effective October 1, 2005. (1955, c. 1371, s. 1; 1957, c. 1039; 1959, c. 1316, s. 19; 1963, c. 666; 1967, c. 1163; 1969, c. 751, ss. 23-27, 45; 1973, c. 1067; 1985, c. 117, s. 3; 1989, c. 265, s. 1; 2005-268, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 55 - North Carolina Business Corporation Act
Article 6 - Shares and Distribution.
§ 55-6-01 - Authorized shares.
§ 55-6-02 - Terms of class or series determined by board of directors.
§ 55-6-03 - Issued and outstanding shares.
§ 55-6-04 - Fractional shares.
§ 55-6-20 - Subscription for shares before incorporation.
§ 55-6-21 - Issuance of shares.
§ 55-6-22 - Liability of shareholders.
§ 55-6-24 - Rights, options, and warrants.
§ 55-6-25 - Form and content of certificates.
§ 55-6-26 - Shares without certificate.
§ 55-6-27 - Restriction on transfer of shares and other securities.
§ 55-6-30 - Shareholders' preemptive rights.