Title 31A Chapter 17 Section 407

Insurance Code
Determination of Financial Condition
Section 407
Accounting for repurchased shares.

            

31A-17-407.   Accounting for repurchased shares.

            When a corporation acquires its own shares under Section 31A-5-306 or in any other way, the acquired shares are accounted as a deduction from capital and not as assets.


Enacted by Chapter 242, 1985 General Session