(1) Subject to this section, a society may purchase shares or otherwise acquire any of its shares that—
(a) are available for compulsory purchase under section 113; or
(b) are offered for sale.
(2) Subject to subsection (4), a society shall pay in cash, within one year of the date of purchase, for any shares purchased under subsection (1).
(3) Subject to subsection (4), a society shall pay a purchase price for a share purchased under this section equal to the par value of the share together with any dividends declared but unpaid with respect to the share.
(4) Subject to subsection (5), where a society purchases or otherwise acquires shares issued by it, those shares are deemed to be cancelled.
(5) Where the by-laws of a society limit the number of shares, any shares of the society purchased or otherwise acquired by the society may be treated as unissued shares.