2006 Utah Code - 16-4-18 — Purchase by corporation.

     16-4-18.   Purchase by corporation.
     If at the sale of stock no bidder offers the amount of the assessment and expenses due, the same may be bid in and purchased by the corporation through the secretary, president or any director thereof at the amount of the assessment and expenses due, and the amount of the assessment and expenses shall be credited as paid in full on the books of the corporation, and entry of the transfer of the stock to the corporation shall be made on the books thereof. While the stock remains the property of the corporation it is not assessable, nor shall any dividends be declared thereon, but all assessments and dividends shall be apportioned upon the stock held by the stockholders of the corporation.

Amended by Chapter 29, 1961 General Session