(a) A state trust company may acquire its own shares or participation shares if:
(1) The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares or participation shares under regulatory accounting principles; or
(2) The state trust company obtains the prior written approval of the commissioner.
(b) A state trust company may acquire a lien upon its own shares or participation shares if:
(1) The aggregate amount of indebtedness so secured is less than the amount of the state trust company’s undivided profits; or
(2) The state trust company obtains the prior written approval of the commissioner.
(c) Except with the prior written approval of the commissioner:
(1) The state trust company may not hold its own shares or participation shares as treasury stock for more than two (2) years; and
(2) A lien acquired under this section may not by its original terms extend for more than two (2) years.
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