Utah Code 16-4-307. Purchase by corporation, officer, or director — Redemption
Current as of: 2024 | Check for updates
|
Other versions
(1)
Terms Used In Utah Code 16-4-307
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means a nonprofit corporation or a profit corporation. See Utah Code 16-4-102
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
(1)(a) If at the sale of shares, no bidder offers the amount of the delinquent assessment and all other amounts payable, the shares may be bid on and purchased by the corporation through the secretary, president, or any director for the amount of the delinquent assessment and all other amounts payable.
(1)(b) If a corporation purchases shares under Subsection (1), the delinquent assessment and all other amounts payable shall be credited as paid in full on the books of the corporation.
(2) If purchased under Subsection (1), entry of the transfer of the shares to the corporation shall be made on the corporation’s books.
(3) Any shares acquired by a corporation under this section, or purchased by an officer or director for the officer’s or director’s own benefit, are subject to redemption by the shareholder for a period of 30 days following the day on which the shares are sold at auction.
(4)
(4)(a) Shares subject to redemption under Subsection (3) may be redeemed at a price equal to the amount of the delinquent assessment and all other amounts payable on the day of the sale, plus interest through the day on which the shares are redeemed.
(4)(b) The amount of interest under Subsection (4)(a) is the amount determined under Section 15-1-4.