(1) A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted, or cancelled.
The reacquisition, redemption, or conversion of outstanding shares is subject to thelimitations contained in subsection (3) of this section and is subject to section 7-106-401.
At all times that shares of the corporation are outstanding, one or more shares thattogether have unlimited voting rights and one or more shares that together are entitled to receive the net assets of the corporation upon dissolution shall be outstanding.
Source: L. 93: Entire article added, p. 754, § 1, effective July 1, 1994.