(a) Any corporation organized under this act shall have the right to refund its outstanding obligations at any time.
(b) All refunding obligations shall state on their face that they are refunding obligations, and no refunding obligations shall be issued until the debt refunded is cancelled simultaneously with the issue of the refunding obligations, either:
(1) By the surrender of the obligations being refunded; or
(2) If the outstanding obligations are redeemable before maturity and have been called for redemption, by the deposit of the money for their payment on presentation according to the terms of the call, in trust, with the paying agent for the obligations to be refunded; or
(3) By a combination of methods set out in subdivisions (b)(1) and (2) of this section.
Section: Previous 15-4-510 15-4-511 15-4-512 15-4-513 15-4-514 15-4-515 15-4-517 15-4-518 15-4-520 15-4-521 15-4-522 15-4-523 15-4-524 15-4-525 NextLast modified: November 15, 2016