Section 43-16-129 - Purchase of its common stock by association

The association may, at any time, as specified in the bylaws, except when the debts of the association exceed fifty percent (50%) of the assets of the association, buy in or purchase its common stock at the book value of the common stock, as conclusively determined by the board of directors, and pay for it in cash within one (1) year after the purchase.Acts 1923, ch. 100, § 15; Shan. Supp., § 2534a54; Code 1932, §3812; T.C.A. (orig. ed.), § 43-1830.