CHAPTER 14

An Act to amend and reenact § 13.1-62 of the Code of Virginia, relating to
restriction on redemption or purchase by a corporation of redeemable

shares.
[H 163]
Approved February 9, 1962

Be it enacted by the General Assembly of Virginia:

1. That § 18.1-62 of the Code of Virginia be amended and reenacted
as follows:

§ 13.1-62. No redemption or purchase of redeemable shares shall
be made by a corporation when it is insolvent or when such redemption or
purchase would render it insolvent, or which would reduce the net assets
below the aggregate amount payable to the holders of shares having prior
HH equal rights to the assets of the corporation upon involuntary

issolution *.