Corporation's acquisition of its own shares
Known as the Connecticut Business Corporation Act
The act spans §§ 33–33 (278 sections).
(P.A. 94-186, S. 54, 215; P.A. 96-271, S. 44, 254; P.A. 03-18, S. 4.) History: P.A. 94-186 effective January 1, 1997; P.A. 96-271 amended Subsec
(a) A corporation may acquire its own shares and shares so acquired constitute authorized but unissued shares.
(b) If the certificate of incorporation prohibits the reissue of the acquired shares, the number of authorized shares is reduced by the number of shares acquired.
Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.