Tennessee Code 43-16-129 – Purchase of its common stock by association
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Terms Used In Tennessee Code 43-16-129
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means any corporation organized under this chapter. See Tennessee Code 43-16-103
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
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.