412:5A-210 Acquisition of stock to save a loss. Nothing in this part shall prevent an international banking corporation from acquiring and holding stock in any corporation if the acquisition is necessary to prevent a loss upon a debt previously contracted in good faith; provided, that stock so acquired shall within twelve months from the acquisition be sold or disposed of at public or private sale, or within such further time as may be granted by the commissioner. [L 1993, c 350, pt of 1]

 

Previous Vol08_Ch0401-0429 Next