Redemption of Stock under the Model Business Corporations Act and the Virginia Stock Corporation Act

The Model Business Corporation Act (hereinafter the Model Act ) has been in existence for more than twenty-five years, and has served as the paradigm for the revised corporation statutes of approximately twenty-five states, including Virginia. Despite its age, certain of its provisions have been infrequently applied and interpreted in judicial opinions. One such set of provisions is that dealing with a corporation\u27s right to redeem shares of its stock. The purpose of this article is to analyze the Model Act\u27s provisions regarding the redemption of shares; and to review, in contrast thereto, the relevant provisions of the Virginia stock corporation act