[§414-73]  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, or canceled.

(b)  The reacquisition, redemption, orconversion of outstanding shares is subject to the limitations of subsection(c) and section 414-111.

(c)  At all times that shares of thecorporation are outstanding, one or more shares that together have unlimitedvoting rights and one or more shares that together are entitled to receive thenet assets of the corporation upon dissolution must be outstanding. [L 2000, c244, pt of §1]