Statutes > Alabama Statutes > Title 37 — PUBLIC UTILITIES AND PUBLIC TRANSPORTATION. > Chapter 7 — ELECTRIC MEMBERSHIP CORPORATIONS. > Section 37-7-15 Bonds or obligations - Purchase of own obligations.

Section 37-7-15 Bonds or obligations - Purchase of own obligations.

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.)