Maine Statutes
§ 13 §2194 — Purchase by association
An association may, at any time, as specified in the bylaws, except when the debts of the association exceed 50% of its assets, 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.
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Nearby Sections
15
§ 13 §2101
Board of directors§ 13 §2102
-- meetings§ 13 §2103
-- vacancies§ 13 §2105
Compensation§ 13 §2106
Charges; petition§ 13 §2107
Notice; hearing§ 13 §2108
Vote; time; majority required§ 13 §2151
Qualifications§ 13 §2152
Certificate§ 13 §2153
Liability for debts§ 13 §2154
Meetings; place§ 13 §2155
Expulsion; payment for interest§ 13 §2191
Payment; common; ownership limitations