490.632 - REACQUIRED SHARES AS ISSUED BUT NOT OUTSTANDING SHARES.

        490.632  REACQUIRED SHARES AS ISSUED BUT NOT      OUTSTANDING SHARES.         1.  A corporation which, as of December 30, 1989, treated any of      its shares which it had reacquired as issued but not outstanding      shares may continue to treat those shares as issued but not      outstanding shares.         2.  If a corporation reacquires its own shares after December 30,      1989, but before January 1, 1991, those shares constitute issued but      not outstanding shares as of and after their reacquisition if either      of the following is applicable:         a.  When the shares are reacquired, the articles of      incorporation contain a provision specifying that reacquired shares      constitute issued but not outstanding shares.         b.  Prior to January 1, 1991, the board of directors adopts a      resolution specifying that shares reacquired after December 30, 1989,      and prior to January 1, 1991, constitute issued but not outstanding      shares.         3.  If a corporation reacquires its own shares after December 31,      1990, those shares constitute issued but not outstanding shares if,      at the time they are reacquired by the corporation, either of the      following is applicable:         a.  The articles of incorporation contain a provision      specifying that reacquired shares constitute issued but not      outstanding shares.         b.  The board of directors has adopted a resolution specifying      that reacquired shares constitute issued but not outstanding shares.         4.  Unless otherwise provided in its articles of incorporation, a      corporation may at any time, by resolution adopted by its board of      directors, cancel or otherwise restore to the status of authorized      but unissued shares any of its shares which it has previously      reacquired and treated as issued but not outstanding shares.  
         Section History: Recent Form
         90 Acts, ch 1205, §24; 91 Acts, ch 97, §54         Referred to in § 490.631