30-29-631. CORPORATION’S ACQUISITION OF ITS OWN SHARES. (a) A corporation may acquire its own shares. Unless a resolution of the board of directors or the corporation’s articles of incorporation provide otherwise, shares so acquired constitute authorized but unissued shares.
(b) If the articles of incorporation prohibit the reissue of the acquired shares, the number of authorized shares is reduced by the number of shares acquired, effective upon amendment of the articles of incorporation pursuant to section 30-29-1005(f), Idaho Code.
(c) A corporation has authority to use, hold, acquire, cancel and dispose of treasury shares.
(d) Unless the board of directors adopts an amendment to the corporation’s articles of incorporation to reduce the number of authorized shares, treasury shares of the corporation that are canceled shall be treated as authorized but unissued shares.
History:
[30-29-631, added 2015, ch. 243, sec. 61, p. 915; am. 2019, ch. 90, sec. 41, p. 251.]
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