§ 15-4-919 - Retirement of preferred stock. - Arkansas Statutes

15-4-919. Retirement of preferred stock.

(a) The outstanding preferred stock of a corporation authorized and issued as provided in this subchapter shall be retired from time to time from the proceeds received by the corporation from the issuance and disposal of its debentures, as provided in this subchapter, and until all of the issued and outstanding preferred stock of the corporation shall have been retired, all proceeds of the corporation received from the issuance and disposal of its debentures must be used for the retirement of the outstanding preferred stock of the corporation.

(b) Such preferred stock shall be retired by lot, and the procedure for determining the preferred stock so to be retired and for its retirement may be provided in the bylaws of the corporation.

(c) Preferred stock of the corporation retired as provided in this section shall be cancelled and shall not be reissued.