[§414-102]  Corporation's acquisition of its
own shares.  (a)  A corporation may acquire its own shares and shares so
acquired constitute authorized but unissued shares.



(b)  If the articles of incorporation prohibit
the reissuance of acquired shares, the number of authorized shares is reduced
by the number of shares acquired, effective upon delivery to the department
director for filing, a statement of cancellation showing the reduction in the
authorized shares.



(c)  The statement of cancellation must set
forth:



(1)  The name of the corporation;



(2)  The number of acquired shares canceled, itemized
by class and series; and



(3)  The total number of authorized shares, itemized
by class and series, remaining after reduction of the shares. [L 2000, c 244,
pt of §1]