13 §2194. Purchase by association - Maine Statutes

Title 13: CORPORATIONS

Part 2: CORPORATIONS WITHOUT CAPITAL

Chapter 87: FISH MARKETING ASSOCIATIONS

Subchapter 5: STOCK

§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.