retirement of securities

retirement of securities
The calling and redemption of a bond by payment. The voluntary payment of a bond. A repurchase of its own stock by a corporation and the cancellation of the repurchased shares, destroying all rights adhering to them. 18 Am J2d Corp § 282. The elimination of shares of stock in a building and loan association by paying off the shareholder. 13 Am J2d B & L Assoc § 27. Under section 117(f) of the Revenue Act of 1934 dealing with the retirement of securities, the word is not used in an artificial sense. In common understanding and according to the dictionaries, the word "retirement" is broader in scope than the word "redemption." McClain v Commissioner, 311 US 527, 85 L Ed 319, 61 S Ct 373. See redeemable bond.

Ballentine's law dictionary. . 1998.

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