§ 55-6-03. Issued and outstanding shares. - North Carolina Statutes

§55‑6‑03.  Issued and outstanding shares.

(a)        A corporation mayissue the number of shares of each class or series authorized by the articlesof incorporation.  Shares that are issued are outstanding shares until they arereacquired, redeemed, converted, or cancelled.

(b)        The reacquisition,redemption, or conversion of outstanding shares is subject to the limitationsof subsection (c) of this section and to G.S. 55‑6‑40.

(c)        At all times thatshares of the corporation are outstanding, there must be outstanding one ormore shares that together have unlimited voting rights and one or more sharesthat together are entitled to receive the net assets of the corporation upondissolution. (1901, c. 2, s. 19; 1903, c. 660, ss. 2, 3; Rev., s.1159; C.S., s. 1156; 1921, c. 116, s. 1; 1923, c. 155; C.S., s. 1167(a); 1925,c. 118, ss. 2, 2a; c. 262, s. 1; 1939, c. 199; 1949, c. 929; G.S., ss. 55‑61,55‑73; 1953, c. 822, ss. 1, 3; 1955, c. 1371, s. 1; 1969, c. 751, ss. 15‑17;1985, c. 117, s. 1; 1989, c. 265, s. 1.)