Ohio § 1701.31
Full text of Ohio Ohio Revised Code § 1701.31, with citation guidance and answers to common questions.
§ 1701.31.
A corporation shall not take any action which will require or result in reduction
of the stated capital of each outstanding share with par value, to less than the par
value of such share. Subject to such limitation and to such provisions as are set forth in the articles
or in any contract or obligation: (A) Whenever an outstanding redeemable share is redeemed by the corporation, or an outstanding
share is purchased or otherwise acquired by the issuing corporation (otherwise than
upon conversion, change, or exchange), the stated capital, if any, of the class to
which such redeemed, purchased, or acquired share belongs shall thereby be reduced
by an amount equal to the stated capital, if any, of such share; (B) Whenever an outstanding share is released from subscription, the stated capital,
if any, of the class to which such share belongs shall thereby be reduced by an amount
equal to the stated capital, if any, of such share; (C) Upon the exercise of conversion rights of convertible shares, the stated capital,
if any, of the corporation shall be reduced if and to the extent that the express
terms of such shares so provide; (D) The stated capital of the corporation shall be reduced or eliminated, in a manner
not inconsistent with section 1701.30 of the Revised Code , to the extent and in the manner that such reduction or elimination is provided for
in an amendment to the articles described in division (B)(8) of section 1701.69 of the Revised Code ; (E) The stated capital, if any, of a particular class of shares may also be reduced or
eliminated, in a manner not inconsistent with section 1701.30 of the Revised Code , by resolution adopted at a meeting of shareholders held for such purpose, by the
affirmative vote of the holders of two-thirds of the shares of each class, regardless
of limitations or restrictions in the articles on the voting rights of the shares
of any such class, or, if the articles so provide or permit, a greater or lesser proportion,
but not less than a majority of the shares of any class.
Frequently Asked Questions About Ohio § 1701.31
What does Ohio Revised Code § 1701.31 cover?
Section 1701.31 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1701.31?
A common citation format is "Ohio Revised Code § 1701.31" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1701.31 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.