Utah § 10a-631 - Corporation's acquisition of its own shares.
Full text of Utah Utah Code § 10a-631 — Corporation's acquisition of its own shares., with citation guidance and answers to common questions.
§ 10a-631. Corporation's acquisition of its own shares.
16-10a-631.
Corporation's acquisition of its own shares.
(1)
A corporation may acquire its own shares and shares so acquired constitute authorized but unissued shares.
(2)
If the articles of incorporation prohibit the reissuance of acquired shares:
(a)
the number of authorized shares is reduced by the number of shares acquired by the corporation, effective upon amendment of the articles of incorporation; and
(b)
as provided in Section 16-10a-1002, the board of directors may adopt an amendment to the articles of incorporation under Subsection (2)(a) without shareholder action in order to reduce the number of authorized shares by an amount equal to the number of shares acquired by the corporation.
(3)
A corporation amending its articles of incorporation pursuant to Subsection (2) shall deliver to the division for filing articles of amendment setting forth:
(a)
the name of the corporation;
(b)
the reduction in the number of authorized shares, itemized by class and series;
(c)
the total number of authorized shares, itemized by class and series, remaining after reduction of the shares; and
(d)
a statement that the amendment was adopted by the board of directors without shareholder action and that shareholder action was not required.
Section 10a-631 ("Corporation's acquisition of its own shares.") is part of the Utah Code, the codified statutory law of Utah. 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 Utah § 10a-631?
A common citation format is "Utah Code § 10a-631" (Utah). 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 Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 10a-631 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
