§ 62A.8-210. Overissue
(1) 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.
(2) Except as otherwise provided in subsections (3) and (4) of this section, the provisions of this Article 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.
(3) 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.
(4) 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.
[1995 c 48 § 26.]
Notes:
Effective date -- 1995 c 48: See RCW 62A.11-113.
Sections: Previous 62A.8-203 62A.8-204 62A.8-205 62A.8-206 62A.8-207 62A.8-208 62A.8-209 62A.8-210 62A.8-301 62A.8-302 62A.8-303 62A.8-304 62A.8-305 62A.8-306 62A.8-307 Next
Last modified: April 7, 2009