32-2-245. Purchase of stock of deceased stockholder. An association may purchase its capital stock from the personal representative of a deceased stockholder upon the written approval of the department. Upon obtaining written approval, an association may contract with a living stockholder for a purchase of the stock upon the stockholder's death. The purchase must be for a price and upon terms and conditions that may be agreed upon by the association and the stockholder or personal representative. The purchase of a deceased stockholder's stock may not reduce the net worth accounts of the association to an amount less than required by law or by any approved insurer of the association's savings accounts. An association agreeing with a stockholder to purchase the capital stock upon the stockholder's death may purchase insurance on the life of the stockholder to fund or partially fund the purchase. Any stock purchased under this section may be resold by the association at a price and upon terms and conditions that the board of directors may approve, or may be retired. If the stock is to be resold, the association shall file notice with the department disclosing the price, terms, and conditions of the proposed resale.
History: En. Sec. 34, Ch. 5, L. 1983; amd. Sec. 1035, Ch. 56, L. 2009.
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