Section 393:33 Retirement of Shares.
At any time after 4 years from the date of issue, the directors may, pursuant to the provisions of the bylaws, if any on the subject, retire unpledged shares of any series and compel their withdrawal by paying to the shareholders the amount of dues paid upon the shares, and the proportion of profits belonging to them according to the last preceding adjustment and valuation of shares, less the amounts due from such shareholders for fines and other charges and for their proportionate shares of unadjusted losses, if any. If all unpledged shares are not so retired the directors shall determine by lot which shall be retired.
Source. 1887, 93:4. PS 166:14. PL 266:19. RL 314:29.