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2021 Code of Alabama
Title 37 - Public Utilities and Public Transportation.
Chapter 7 - Electric Membership Corporations.
Section 37-7-15 - Bonds or Obligations - Purchase of Own Obligations.
Universal Citation: AL Code § 37-7-15 (2021)
Section 37-7-15
Bonds or obligations - Purchase of own obligations.
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.
(Acts 1935, No. 45, p. 100; Code 1940, T. 18, §24.)
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