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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 111477
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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Paul JD only please, my question is about "treasury stock"

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Paul JD only please, my question is about "treasury stock" owned by a housing cooperative corporation.

If "treasury stock" in the form of an apartment is sold, how can the proceeds of the sale be used?
Thank you for asking for me again.

DE Corporations code section 153 states, "(c) Treasury shares may be disposed of by the corporation for such consideration as may be determined from time to time by the board of directors, or by the stockholders if the certificate of incorporation so provides."

I cannot find anything other than that as to what they must do with the proceeds, thus they can be distributed to members or held by the cooperative based on the vote of the board of directors or the shareholders depending on the bylaws.


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Customer: replied 3 years ago.

Paul, though the corporation is incorporated in Delaware but is located in the D.C. is the answer the same?

If it is incorporated in DE, then the DE corporation laws apply to them even if they are in DC.

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