16-10a-603 - Issued and outstanding shares. - Utah Statutes

16-10a-603. Issued and outstanding shares.
(1) A corporation may issue the number of shares of each class or series authorized bythe articles of incorporation. Shares that are issued are outstanding shares until they arereacquired, redeemed, converted, or cancelled.
(2) The reacquisition, redemption, or conversion of outstanding shares is subject to thelimitations of Subsection (3) and to Section 16-10a-640.
(3) At all times that shares of the corporation are outstanding, one or more shares thattogether have unlimited voting rights and one or more shares that together are entitled to receivethe net assets of the corporation upon dissolution shall be outstanding.

Amended by Chapter 378, 2010 General Session