10-603. Issued and outstanding shares
A. A corporation may issue the number of shares of each class or series authorized
by the articles of incorporation. Shares that are issued are outstanding shares until
they are reacquired, redeemed, converted or canceled.
B. The reacquisition, redemption or conversion of outstanding shares is subject to
the limitations of subsection C of this section and to section 10-640.
C. At all times that shares of the corporation are outstanding, one or more shares
that together have unlimited voting rights and one or more shares that together are
entitled to receive the net assets of the corporation on dissolution must be outstanding.
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