A corporation shall have power out of any funds available therefor to purchase any obligations issued by it at a price not exceeding the principal amount thereof and accrued interest thereon. All obligations so purchased shall be cancelled.
Structure Code of Alabama
Title 37 - Public Utilities and Public Transportation.
Chapter 7 - Electric Membership Corporations.
Section 37-7-2 - Formation and Purpose Generally.
Section 37-7-3 - Form and Contents of Certificate of Incorporation.
Section 37-7-4 - Persons Executing Certificate to Be Residents; Acknowledgment and Filing.
Section 37-7-5 - Board of Directors - Election; Expenses; President; Secretary.
Section 37-7-6 - Board of Directors - Powers.
Section 37-7-7 - Certificates of Membership; Voting.
Section 37-7-8 - Corporate Purpose; Membership Fees; Service to Nonmembers; Service Outside State.
Section 37-7-9 - Vesting of Powers for Accomplishment of Corporate Purpose.
Section 37-7-10 - Enumerated Powers.
Section 37-7-11 - Encumbering or Disposing of Property.
Section 37-7-12 - Bonds or Obligations - Consent of Department of Finance.
Section 37-7-13 - Bonds or Obligations - Manner of Sale or Issuance.
Section 37-7-14 - Bonds or Obligations - Covenants or Agreements.
Section 37-7-16 - Consolidation.
Section 37-7-15 - Bonds or Obligations - Purchase of Own Obligations.
Section 37-7-17 - Extension of Territory.
Section 37-7-18 - Charges for Services Rendered.
Section 37-7-19 - Dissolution.
Section 37-7-20 - Foreign Corporations.
Section 37-7-21 - Amendment of Certificate of Incorporation.