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

(b)  If the articles of incorporation prohibitthe reissuance of acquired shares, the number of authorized shares is reducedby the number of shares acquired, effective upon delivery to the departmentdirector for filing, a statement of cancellation showing the reduction in theauthorized shares.

(c)  The statement of cancellation must setforth:

(1)  The name of the corporation;

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

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