Transactions in state trust company shares

(a) A state trust company may acquire its own shares if: (1) The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares under regulatory accounting principles; and (2) The state trust company obtains the prior written approval of the Bank Commissioner. (b) A state trust company shall not make loans upon the security of its own shares. Acts 1997, No. 940, § 24. (a) A state trust company may acquire its own shares if: (1) The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares under regulatory accounting principles; and (2) The state trust company obtains the prior written approval of the Bank Commissioner. (1) The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares under regulatory accounting principles; and (2) The state trust company obtains the prior written approval of the Bank Commissioner. (b) A state trust company shall not make loans upon the security of its own shares. Acts 1997, No. 940, § 24.