CORPORATIONS. 251

An. Code, 1924, sec. 50. 1912, sec. 36A. 1918, ch. 466, sec. 36A. 1920, ch. 545,
sec. 36A. 1922, ch. 309, sec. 36A 1931, ch. 480, sec. 50.

50. (1) Any corporation of this State may acquire shares of its own
stock of any class by gift or bequest.

(2) Any such corporation may purchase for retirement and thereby
retire any shares of its own stock subject to redemption at the time of such
purchase, at not exceeding the redemption price thereof. Any shares
of such stock so retired by purchase or retired by redemption shall there-
after have the status of authorized but unissued capital stock of the corpo-
ration and, until the classification thereof shall have been changed, shall
retain the classification obtaining before such retirement; provided, how-
ever, that, if under the charter the shares so retired may not be reissued,
the authorized capital stock of the class to which such shares belong shall
be deemed to have been reduced by the number of shares of such stock so
retired. No proceeding for the reduction of the issued capital stock of the
corporation or amendment of its charter shall be necessary to effectuate
such retirement or such reduction. For the purposes of the succeeding
paragraphs of this section every purchase for retirement of shares of
stock subject to redemption shall be deemed and taken to be a redemp-
tion thereof and the term "purchase" whenever used therein shall be
construed not to include either any purchase for retirement of shares of
stock subject to redemption or any redemption thereof.

(3) Any such corporation, thereunto authorized by its charter or by
the vote, at a meeting duly called and held, of the holders of two-thirds
of all the shares (or, if two or more classes of shares have been issued,
two-thirds of each class) outstanding and entitled to vote thereon, may
purchase shares of its own stock of any class out of its surplus, including
surplus created by a reduction of the amount of the issued capital stock
under Section 32.

(4) Any shares of its own stock acquired by gift, bequest or purchase
by any such corporation, unless acquired for retirement, may be held
by such corporation or sold or otherwise disposed of by it from time to
time for its corporate purposes.

(5) Any shares of its own stock acquired by any such corporation by
gift, bequest or purchase may be retired by reduction of the amount of
issued capital stock of the corporation in the manner provided by Section
32.

(6) No acquisition by any such corporation by gift, bequest or pur-
chase of shares of its own stock which have not been fully paid shall
release, or be made the basis of a release of, the liability of the holders
thereof unless the assets of the corporation remaining immediately after
such release shall be not less than the debts of the corporation plus the
amount of its issued capital stock.

(7) No such corporation shall purchase any shares of its own stock
unless the assets of the corporation remaining immediately after such
purchase shall be not less than the debts of the corporation plus the
amount of its issued capital stock, and no such corporation shall redeem