Tennessee Code 59-13-128 – Purchase of common stock by association
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Terms Used In Tennessee Code 59-13-128
- 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 59-13-103
- 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 association’s assets, buy in or purchase its common stock at book value, as conclusively determined by the board of directors, and pay for it in cash within one (1) year thereafter.