(a) A corporation may acquire its own shares and shares so acquired constitute authorized but unissued shares.
(b) If the articles of incorporation prohibit the reissuance of acquired shares, the number of authorized shares is reduced by the number of shares acquired, effective upon delivery to the department director for filing, a statement of cancellation showing the reduction in the authorized shares.
(c) The statement of cancellation must set forth:
(1) The name of the corporation;
(2) The number of acquired shares canceled, itemized by class and series; and
(3) The total number of authorized shares, itemized by class and series, remaining after reduction of the shares.