Validation of certain share authorizations - 15 Pa. Cons. Stat. § 507

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     § 507.  Validation of certain share authorizations.
        (a)  General rule.--Where heretofore any domestic corporation
     for profit shall have redeemed and canceled any shares subject
     to redemption and cancellation, acquired its own shares on
     conversion thereof into or exchange thereof for other shares of
     the corporation, purchased or redeemed and canceled any shares,
     canceled any treasury shares, redeemed any shares or adopted any
     resolution of the board with respect to authorized but unissued
     shares reducing the number of shares that the corporation is
     authorized to issue without filing in the Department of State a
     statement of redemption and cancellation, a statement of
     cancellation of shares, a statement of reduction of authorized
     shares or similar document as then provided by any statute
     supplied or repealed by Subpart B (relating to business
     corporations), such action shall be deemed not to have had any
     effect on the authorized share structure of the corporation and
     the number and class of shares authorized to be issued by the
     corporation from time to time and at any time shall be deemed
     and taken to be the number and class of shares as set forth at
     the time in the most recently amended text of the charter or
     articles of the corporation as then on file in the department.
        (b)  Restriction on reissuance.--Subsection (a) shall not
     validate any shares reissued in violation of a provision of the
     charter or articles prohibiting the reissuance of redeemed or
     otherwise acquired shares. Except as otherwise expressly
     provided therein, such a provision shall not be interpreted as
     prohibiting the reissuance of redeemed or otherwise acquired
     shares as shares of a different class or series.

        Cross References.  Section 507 is referred to in section 1104
     of this title.

Last modified: November 27, 2007