§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.
Structure Maine Revised Statutes
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 87: FISH MARKETING ASSOCIATIONS
13 §2191. Payment; common; ownership limitations
13 §2192. Common; voting power
13 §2193. Notation of restriction on transfer
13 §2194. Purchase by association
13 §2195. Distinction between classes of stock or holders
13 §2197. Preferred; issuance in payment for purchases by association