Colorado § 7-106-302 Corporation's acquisition of its own shares

Colorado Statutes

§ 7-106-302 — Corporation's acquisition of its own shares

Colorado·Title 07 Corporations·Art. Shares and Distributions

(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 t

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(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.

Colorado § 7-106-302 (Corporation's acquisition of its own shares) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 93: Entire article added, p. 762, � 1, effective July 1, 1994. L. 2002: IP(2)(b) amended, p. 1847, � 109, effective July 1; IP(2)(b) amended, p. 1712, � 109, effective October 1. L. 2003: IP(2)(b) and (2)(b)(I) amended, p. 2317, � 233, effective July 1, 2004.