Code of Alabama - Title 10A: Alabama Business and Nonprofit Entities Code - Section 10A-2A-6.31 - Corporation's acquisition of its own stock

Section 10A-2A-6.31 - Corporation's acquisition of its own stock.

(a) A corporation may acquire its own stock, and, unless otherwise provided in the certificate of incorporation, stock so acquired constitutes authorized but unissued stock.

(b) If the certificate of incorporation prohibits the reissue of the acquired stock, the number of authorized shares of stock is reduced by the number of shares of stock acquired.

(Act 2019-94, §1.)

Last modified: May 3, 2021