(a) Shares that are issued are outstanding shares unless the shares are treasury shares or are canceled.
(b) If there are outstanding shares, one or more shares that together have unlimited voting rights and one or more shares that together are entitled to receive the net assets of the corporation on the winding up and termination of the corporation must be outstanding shares.
(c) Treasury shares are considered to be issued shares and not outstanding shares.
(d) Treasury shares may not be included in the total assets of a corporation for purposes of determining the net assets of a corporation.