New York Cooperative Corporations Law Section 71 - Purchasing business of other corporations or persons.

 71. Purchasing business of other corporations or persons. Whenever a
  corporation  shall  purchase  the  business  of  another  corporation or
  person, it may make payment wholly or partly by the issue  of shares  or
  other  securities  to  an amount which at par value would equal the fair
  market value of the business so purchased;  and  such  securities  shall
  thereupon be deemed fully paid for.

Last modified: February 3, 2019