Replies to post #121686 on Vystar Corp (VYST)

[BigBadWolf]

ES ;-) Posted by: BigBadWolf
In reply to: tbdelephant who wrote msg# 119111 Date:9/27/2019 11:27:52 AM
Post #119116 of 121706

BS just like the 1st time I called BS Posted by: BigBadWolf
In reply to: tbdelephant who wrote msg# 77768 Date:4/26/2019 8:36:39 AM
Post #77769 of 119115

BS the Georgia Code proving said BS can be found below,

2010 Georgia Code
TITLE 14 - CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS
CHAPTER 2 - BUSINESS CORPORATIONS
ARTICLE 6 - SHARES AND DISTRIBUTIONS
PART 3 - SUBSEQUENT ACQUISITION OF SHARES BY SHAREHOLDERS AND CORPORATION
§ 14-2-631 - Corporation's acquisition of its own shares
O.C.G.A. 14-2-631 (2010)
14-2-631. Corporation's acquisition of its own shares


(a) A corporation may acquire its own shares and shares so acquired constitute authorized but unissued shares, unless the articles of incorporation provide that reacquired shares become treasury shares or prohibit the reissue of reacquired shares.

(b) If the articles of incorporation prohibit the reissue of acquired shares, the number of authorized shares is reduced by the number of shares acquired, effective upon amendment of the articles of incorporation.

(c) The board of directors may adopt articles of amendment under this Code section without shareholder action. The articles must set forth:

(1) The reduction in the number of authorized shares, itemized by class and series; and

(2) The total number of authorized shares, itemized by class and series, remaining after reduction of the shares.

(d) The board of directors may adopt articles of amendment providing that reacquired shares become treasury shares without shareholder action.

(e) A corporation may create security interests in treasury shares.

https://law.justia.com/codes/georgia/2010/title-14/chapter-2/article-6/part-3/14-2-631/