Ohio Code 1701.36 – Shares deemed retired
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(A) Whenever convertible shares are converted into shares of another class, the shares surrendered upon such conversion shall be deemed retired and shall not be reissued as convertible shares.
Terms Used In Ohio Code 1701.36
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- 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.
(B) Whenever redeemable shares are redeemed, purchased, or otherwise acquired by the corporation, such shares shall be deemed retired.
(C) Shares released from subscription shall be deemed retired.
(D) Unless otherwise provided in the articles, the directors may retire treasury shares.