§ 4-249. Repurchase; redemption

   (a) In general. -- Subject to agreements with noteholders or bondholders, the Administration may purchase its notes or bonds with any money available for the purchase.

(b) Purchase price. -- The purchase price may not exceed:

   (1) the redemption price at the time of the purchase, plus accrued interest to the next interest payment date, if the note or bond is redeemable, at the time of the purchase; or

   (2) the redemption price on the first date after the purchase on which the note or bond becomes redeemable, plus accrued interest to that date, if the note or bond is not redeemable at the time of the purchase.

(c) Cancellation. -- When the Administration purchases its note or bond, the note or bond shall be canceled.

HISTORY: An. Code 1957, art. 83B, § 2-206(n); 2005, ch. 26, § 2.