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Mass. Gen. Laws ch. 156D, § 6.31

Corporation's acquisition of its own shares

CORPORATION'S ACQUISITION OF ITS OWN SHARES

(a) A corporation may acquire its own shares and shares so acquired constitute authorized but unissued shares.

(b) If the articles of organization prohibit the reissue of acquired shares, the number of authorized shares is reduced by the number of shares acquired.

Official source: Massachusetts Legislature. Reproduced from public-domain Massachusetts statutes; confirm against the official source for the current text. Not legal advice.