- The board may retire shares issued but not outstanding.
- Retired shares become authorized and unissued. To the extent the charter prohibits reissuance, a certificate stating this and the shares’ retirement shall be filed in accordance with § 103(a)-(d). Such certificate amends the charter so as to reduce accordingly the number of authorized shares and, where applicable, removing all references to a retired class.
- A reduction of capital in connection with the retirement is subject to § 244.