§ 37.36

37.36 PURCHASE AND CANCELLATION BY SOCIETY. Subject to agreements with bondholders that may then exist, the society may purchase out of money available for the purpose, bonds of the society which shall then be canceled, at a price not exceeding the following amounts: (1) if the bonds are then redeemable, the redemption price then applicable plus accrued interest to the next interest payment date of the bonds; or (2) if the bonds are not redeemable, the redemption price applicable on the first date after the purchase upon which the bonds become subject to redemption plus accrued interest to that date. History: 2003 c 127 art 12 s 6; 1Sp2003 c 21 art 10 s 11