Section 23-51-124 - Transactions in state trust company shares

(a) A state trust company may acquire its own shares if: (1) The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares under regulatory accounting principles; and(2) The state trust company obtains the prior written approval of the Bank Commissioner.(b) A state trust company shall not make loans upon the security of its own shares.Acts 1997, No. 940, § 24.