(a) By resolution of its board of directors, any legal reserve life insurance company may cancel at any time all or any part of its treasury shares.
(b)
(1) In such an event, a statement of cancellation shall be filed as provided in this section.
(2) Any statement of cancellation shall be executed and filed in accordance with the provisions of § 23-69-107(c), shall be verified by one (1) of the officers signing the statement, and shall set forth:
(A) The name of the insurance company;
(B) The number of treasury shares cancelled by resolution duly adopted by the board of directors, itemized by classes and series, and the date of its adoption;
(C) The aggregate number of issued shares, itemized by classes and series, after giving effect to the cancellation;
(D) The amount, expressed in dollars, of the paid-up capital of the insurance company, after giving effect to the cancellation; and
(E) A copy of the resolution effecting the cancellation.
(3) When a statement of cancellation is filed in accordance with § 23-69-107(c), the paid-up capital of the insurance company shall be deemed to be reduced by that part of the paid-up capital which was, at the time of the cancellation, represented by the shares so cancelled, and the shares so cancelled shall be restored to the status of authorized but unissued shares.
(c) Nothing contained in this section shall be construed to forbid a cancellation of shares or a reduction of stated capital in any other manner permitted by § 23-69-107.
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