§490:8-210  Overissue.  (a)  In this
section, "overissue" means the issue of securities in excess of the
amount the issuer has corporate power to issue, but an overissue does not occur
if appropriate action has cured the overissue.



(b)  Except as otherwise provided in
subsections (c) and (d), the provisions of this article which validate a
security or compel its issue or reissue do not apply to the extent that
validation, issue, or reissue would result in overissue.



(c)  If an identical security not constituting
an overissue is reasonably available for purchase, a person entitled to issue
or validation may compel the issuer to purchase the security and deliver it if
certificated or register its transfer if uncertificated, against surrender of
any security certificate the person holds.



(d)  If a security is not reasonably available
for purchase, a person entitled to issue or validation may recover from the
issuer the price the person or the last purchaser for value paid for it with
interest from the date of the person's demand. [L 1997, c 33, pt of §2]