(1) Despite section 111, a society shall not purchase or otherwise acquire its shares where—
(a) it is insolvent;
(b) the proposed purchase or acquisition would render it insolvent; or
(c) subject to subsection (2), the proposed purchase or acquisition would, in the opinion of the board, be detrimental to the financial stability of the society.
(2) Subject to subsection (3), where a purchase or other acquisition of shares under section 111 or 113, would in the opinion of the board, impair the financial stability of the society or would be contrary to the interest of the remaining members the board may suspend the purchasing or acquisition of shares.
(3) The board may not suspend the purchase of shares under subsection (2) for a period longer than one year unless the suspension is approved—
(a) by the Registrar; or
(b) by a special resolution of the members.