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.
Ala. Code § 37-7-15
Bonds or Obligations - Purchase of Own Obligations.
(Acts 1935, No. 45, p. 100; Code 1940, T. 18, §24.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.