                                 CODE OF VIRGINIA

ISSUED AND OUTSTANDING SHARES (§ 13.1-640)

A. 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 canceled.

B. The reacquisition, redemption or conversion of outstanding shares is subject
to the limitations of subsection C of this section and to &#xA7; 13.1-653.

C. At all times that shares of the corporation are issued and outstanding, one
or more shares that together have full voting rights and one or more shares that
together are entitled to receive the net assets of the corporation upon
dissolution shall be outstanding.

HISTORY: 1985, c. 522; 2019, c. 734.