Section 13-2-305 - Purchase or Acceptance of Own Capital Stock

13-2-305. Purchase or acceptance of own capital stock. A bank shall not accept as collateral or purchase its own capital stock unless the taking of the collateral or purchase is necessary to prevent loss upon a debt previously contracted in good faith. The stock shall be sold by the bank within six (6) months from the date it was received as collateral or acquired by purchase unless the debt is paid in full.