Illinois Compiled Statutes 805 ILCS 315/15.7 – An association may, at any time, except when the debts of the …
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Terms Used In Illinois Compiled Statutes 805 ILCS 315/15.7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
An association may, at any time, except when the debts of the association exceed 50 per cent of the assets thereof, 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.