South Carolina Code 33-47-660. Purchase of its common stock by association
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Terms Used In South Carolina Code 33-47-660
- 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 South Carolina Code 33-47-20
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.