Code of Virginia - Title 13.1 Corporations - Section 13.1-304 Purchase of business by issue of shares of stock
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§ 13.1-304. Purchase of business by issue of shares of stock
Whenever any stock cooperative association shall purchase the business of
another association, person or persons, it may pay for the same in whole or
in part by issuing to the selling association or person shares of its capital
stock to an amount which at par value would equal the fair market value of
the business so purchased, and in such case the transfer to the association
of such business at such valuation shall be equivalent to payment in cash for
the shares of stock so issued. In case the cash value of such purchased
business exceeds $1,000 the directors of the association are authorized to
hold the shares in excess of $1,000 in trust for the vendor and dispose of
the same to such persons and within such time, as may be mutually
satisfactory to the parties in interest, and to pay the proceeds thereof as
currently received to the former owners of such business.
(Code 1950, § 13-241; 1956, c. 428; 1994, c. 217.)
Sections: 13.1-301 13.1-301.1 13.1-301.2 13.1-302 13.1-303 13.1-304 13.1-305 13.1-306 13.1-307 13.1-308 13.1-309 13.1-309.1 13.1-310 13.1-311 13.1-311.1
Last modified: April 2, 2009
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