Corporation’s acquisition of its own shares
Known as the Business Corporation Act
The act spans §§ 29–29 (170 sections).
July 2, 2011, D.C
(a) A corporation may acquire its own shares and shares so acquired shall constitute authorized but unissued shares.
(b) If the articles of incorporation prohibit the reissue of the acquired shares, the number of authorized shares shall be reduced by the number of shares acquired.
Official source: D.C. Law Library (Council of the District of Columbia). Reproduced from public-domain District of Columbia statutes; confirm against the official source for the current text. Not legal advice.