Indiana Code Title 15. Agriculture and Animals § 15-12-1-31

(1) redeem, purchase, or acquire the association's outstanding common stock at the book value, as conclusively determined by the association's board of directors, but not to exceed par;  and

(2) pay for the stock in cash within one (1) year.

(1) when the association is insolvent;  or

(2) when the redemption or purchase would render the association insolvent or would reduce the net assets of the association below the total amount payable to the holders of stock having prior or equal rights to the assets of the association upon involuntary dissolution.