§ 54-121. Shares issued on purchase of business. - North Carolina Statutes

§54‑121.  Shares issued on purchase of business.

Whenever an association,created under this Subchapter, shall purchase the business of anotherassociation or person, it may pay for the same in whole or in part by issuingto the selling association or persons shares of its capital stock to an amountwhich at par value would equal the fair market value of the business sopurchased, and in such case the transfer to the association of such business atsuch valuation shall be equivalent to payment in cash for  the shares of stockso issued. (1915, c. 144, s. 10; C.S., s. 5252.)