Section 204 – Purchaser of a corporation bond.

• (1) The following may purchase a corporation bond with funds owned or controlled by the purchaser:
  • (a) a person;
  • (b) a political subdivision of the state;
  • (c) another entity; or
  • (d) a public or private officer.

• (2) Nothing in this part may be construed to relieve a purchaser of a corporation bond of a duty to exercise reasonable care in selecting securities.

• (3) The corporation may purchase the corporation’s own corporation bond at a price that the board determines.

Enacted by Chapter 301, 2016 General Session