490.603 - ISSUED AND OUTSTANDING SHARES.

        490.603  ISSUED AND OUTSTANDING SHARES.         1.  A corporation may issue the number of shares of each class or      series authorized by the articles of incorporation.  Shares that are      issued are outstanding shares until they are reacquired, redeemed,      converted, or canceled.         2.  The reacquisition, redemption, or conversion of outstanding      shares is subject to the limitations of subsection 3 and to section      490.640.         3.  At all times that shares of the corporation are outstanding,      one or more shares that together have unlimited voting rights and one      or more shares that together are entitled to receive the net assets      of the corporation upon dissolution must be outstanding.  
         Section History: Recent Form
         89 Acts, ch 288, §38         Referred to in § 534.508