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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 11A : Vermont Business Corporations

Chapter 006 : Shares and Distributions

Subchapter 003 : Subsequent Acquisition of Shares

(Cite as: 11A V.S.A. § 6.31)
  • § 6.31. Corporation’s power to acquire 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 incorporation prohibit the reissue of acquired shares, the number of authorized shares is reduced by the number of shares acquired, effective upon amendment of the articles of incorporation.

    (c) The board of directors may adopt articles of amendment under this section without shareholder action and deliver them to the Secretary of State for filing. The articles must set forth:

    (1) the name of the corporation;

    (2) the reduction in the number of authorized shares, itemized by class and series; and

    (3) the total number of authorized shares, itemized by class and series, remaining after reduction of the shares. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)