The association may, at any time, except when the debts of the association exceed fifty per cent of the assets thereof, buy in or purchase its common stock at the book value thereof as conclusively determined by the board of directors and pay for it in cash within one year thereafter. HISTORY: 1962 Code Section 12-946; 1952 Code Section 12-946; 1942 Code Section 6512; 1932 Code Section 6512; Civ. C. '22 Section 3416; 1921 (32) 339; 1935 (39) 205.
South Carolina Legal Code