1552 - Power of corporation to acquire its own shares. - Pennsylvania Statutes

§ 1552. Power of corporation to acquire its own shares. (a) General rule.--A business corporation shall have the power to acquire its own shares. If the articles provide that shares acquired by the corporation shall not be reissued, the authorized shares of the class shall be reduced by the number of shares acquired. In any other case the shares acquired shall be deemed to be issued but not outstanding, except that, unless otherwise provided in the bylaws, the board may, by resolution, restore any or all of the previously issued shares of the corporation owned by it to the status of authorized but unissued shares. (b) Cross reference.--See section 1914(c)(2) (relating to adoption by board of directors). Cross References. Section 1552 is referred to in section 1914 of this title.