17-6603.   Retirement of shares of capital stock;status of authorized or unissued shares; reissuance prohibited byarticles of incorporation.(a) A corporation, by resolution of its board of directors, may retireany shares of its capital stock that are issued but are not outstanding.

      (b)   Whenever any shares of the capital stock of a corporation areretired, they shall resume the status of authorized and unissued shares ofthe class or series to which they belong unless the articles ofincorporation otherwise provides. If the articles of incorporationprohibits the reissuance of such shares, or prohibits the reissuance ofsuch shares as a part of a specific series only, a certificate stating thatreissuance of the shares, as part of the class or series, is prohibited,identifying the shares and reciting that their retirement shall be executed andfiled and shall become effective in accordance with K.S.A.17-6003, and amendments thereto. When such certificate becomes effective,it shall have the effect of amending the articles of incorporation so asto reduce accordingly the number of authorized shares of the class orseries to which such shares belong or, if such retired shares constituteall of the authorized shares of the class or series to which they belong,of eliminating from the articles of incorporation all reference to suchclass or series of stock.

      (c)   If the capital of the corporation shall be reduced by or inconnection with the retirement of shares, the reduction of capital shall beeffected pursuant to K.S.A. 17-6604, and amendments thereto.

      History:   L. 1972, ch. 52, § 76;L. 1986, ch. 399, § 9;L. 1988, ch. 99, § 36;Revived and amend., L. 1988, ch. 100, § 36;L. 2000, ch. 39, § 26; July 1.