47-8210. Overissue
A. In this section, " overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.
B. Except as otherwise provided in subsections C and D, the provisions of this chapter which validate a security or compel its issue or reissue do not apply to the extent that validation, issue or reissue would result in overissue.
C. If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds.
D. If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person's demand.
Section: Previous 47-8203 47-8204 47-8205 47-8206 47-8207 47-8208 47-8209 47-8210 47-8301 47-8302 47-8303 47-8304 47-8305 47-8306 47-8307 NextLast modified: October 13, 2016