Advancements — Redemption on failure to bid. Where advances from the funds on hand cannot be made on satisfactory terms, the shareholders failing to bid therefor, the bylaws may provide for the redemption of shares of stock, with the consent of the shareholders, and in case that cannot be done, for the involuntary withdrawal and cancelation of shares, the said shares to be selected by lot, always from the oldest series, until exhausted, or the funds to be applied ratably among the owners of shares of the same series. (Mar. 3, 1901, 31 Stat. 1300, ch. 854, § 695.) Prior Codifications 1981 Ed., § 26-510. 1973 Ed., § 26-409.
District of Columbia Legal Code