(1) A corporation may acquire its own shares, and, except as provided by section 7-117-101 (6), shares so acquired constitute authorized but unissued shares.
(2) If the articles of incorporation prohibit the reissuance of acquired shares:
(a) The number of authorized shares is reduced by the number of shares acquired by the corporation, effective upon amendment to the articles of incorporation; and
(b) The corporation shall deliver to the secretary of state, for filing pursuant to part 3 of article 90 of this title, articles of amendment to the articles of incorporation, which are effective without shareholder action, that state:
(I) The domestic entity name of the corporation;
(II) The reduction in the number of authorized shares, itemized by class and series; and
(III) The total number of authorized shares, itemized by class and series, remaining after reduction of the shares.
Source: L. 93: Entire article added, p. 762, � 1, effective July 1, 1994. L. 2002: IP(2)(b) amended, p. 1847, � 109, effective July 1; IP(2)(b) amended, p. 1712, � 109, effective October 1. L. 2003: IP(2)(b) and (2)(b)(I) amended, p. 2317, � 233, effective July 1, 2004.