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Florida Business Organizations Code Section 607.0603 - Corporations - Issued and outstanding shares.

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Title XXXVI   BUSINESS ORGANIZATIONS

Chapter 607   CORPORATIONS

607.0603  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, except as provided in s. 607.0631.

(2)  The reacquisition, redemption, or conversion of outstanding shares is subject to the limitations of subsection (3) and to s. 607.06401.

(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.

History.--s. 35, ch. 89-154; s. 142, ch. 90-179; s. 11, ch. 93-281.

Last modified: November 21, 2006