13.1-640 - Issued and outstanding shares. - Virginia Statutes

§ 13.1-640. Issued and outstanding shares.

A. A corporation may issue the number of shares of each class or seriesauthorized by the articles of incorporation. Shares that are issued areoutstanding shares until they are reacquired, redeemed, converted, orcanceled.

B. The reacquisition, redemption or conversion of outstanding shares issubject to the limitations of subsection C of this section and to § 13.1-653.

C. At all times that shares of the corporation are issued and outstanding,one or more shares that together have unlimited voting rights and one or moreshares that together are entitled to receive the net assets of thecorporation upon dissolution shall be outstanding.

(1985, c. 522.)