(A) A bank may purchase its own shares only in the following circumstances:
(1) To avoid the issuance of, or to eliminate, fractional shares;
(2) From a shareholder who, by reason of dissent, is entitled to be paid the fair cash value of the shares;
(3) With the approval of the superintendent of financial institutions, pursuant to authority in the bank's articles of incorporation to purchase its shares.
(B) A bank that acquires shares of its stock shall retire or dispose of the shares at the time and in the manner required by the superintendent.
Effective Date: 01-01-1997