§ 54-153. Purchasing business of other associations, persons, firms, or corporations; payment; stock issued. - North Carolina Statutes

§54‑153.  Purchasing business of other associations, persons, firms, orcorporations; payment; stock issued.

Whenever an associationorganized hereunder with preferred capital stock shall purchase the stock orany property, or any interest in any property of any person, firm, orcorporation or association, it may by agreement with the other party or partiesto the transaction discharge the obligations so incurred, wholly or in part, byexchanging for the acquired interest shares of its preferred  capital stock toan amount which at par value would equal a fair market value of the stock orinterest so purchased, as determined by the board of directors. In that casethe transfer to the association of the stock or interest purchased shall beequivalent to payment in cash for shares of stock issued. (1921,c. 87, s. 18; C.S., s. 5259(z).)