Utah § 16-4-308 Status of shares purchased by corporation, officer, or director.

Utah Statutes

§ 16-4-308 — Status of shares purchased by corporation, officer, or director.

Utah § 16-4-308

Title 16Corporations

Ch. 16-4Share Assessment Act

Part 16-4-3Enforcement

This text of Utah § 16-4-308 (Status of shares purchased by corporation, officer, or director.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 16-4-308 (2026).

Text

(1)(1)(a) Title to any shares purchased by a corporation under Section 16-4-307 vests in the corporation upon expiration of the 30-day redemption period if the right of redemption is not exercised.

(1)(b) Shares purchased by a corporation under Section 16-4-307 are treated as treasury shares and shall be held and disposed of in a manner expressly provided for in Title 16, Chapter 10a, Utah Revised Business Corporation Act.

(1)(c) Any shares held by a corporation under this section are not assessable.

(1)(d) No dividends or distributions may be made on shares held by the corporation.

(2)(2)(a) Title to any shares purchased by an officer or director of the corporation for the officer's or director's own benefit vest in the officer or director upon expiration of the 30-day redemption period

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(1) (1)(a) Title to any shares purchased by a corporation under Section 16-4-307 vests in the corporation upon expiration of the 30-day redemption period if the right of redemption is not exercised.
(1)(b) Shares purchased by a corporation under Section 16-4-307 are treated as treasury shares and shall be held and disposed of in a manner expressly provided for in Title 16, Chapter 10a, Utah Revised Business Corporation Act.
(1)(c) Any shares held by a corporation under this section are not assessable.
(1)(d) No dividends or distributions may be made on shares held by the corporation.
(2) (2)(a) Title to any shares purchased by an officer or director of the corporation for the officer's or director's own benefit vest in the officer or director upon expiration of the 30-day redemption period if the right of redemption is not exercised.
(2)(b) Shares purchased by an officer or director for the officer's or director's own benefit are subject to all assessments levied by the corporation after the assessment that was the basis for the sale at which the officer or director purchased the shares.