§ 35-4-302 — Corporation's Right To Acquire Its Own Shares

35-4-302 . Corporation's right to acquire its own shares. A professional corporation may purchase its own shares from a disqualified person without regard to the availability of capital or surplus for such purchase; however, no purchase of or payment for its own shares may be made at a time when the corporation is insolvent or if purchase or payment would make it insolvent.

Legislative History

En. Sec. 15, Ch. 399, L. 1983.