2010 Tennessee Code
Title 43 - Agriculture And Horticulture
Chapter 16 - Cooperative Marketing Associations
43-16-135 - Purchase of property with preferred stock.
43-16-135. Purchase of property with preferred stock.
Whenever an association, organized under this chapter with preferred capital stock, purchases the stock or any property, or any interest in any property of any person, it may discharge the obligations so incurred, wholly or in part, by exchanging for the acquired interest, shares of its preferred capital stock to an amount that at par value would equal the fair market value of the stock or interest so purchased, as determined by the board of directors. In that case, the transfer to the association of the stock or interest purchased shall be equivalent to payment in cash for the shares of stock issued.
[Acts 1923, ch. 100, § 20; Shan. Supp., § 2534a60; Code 1932, § 3818; T.C.A. (orig. ed.), § 43-1836.]
Disclaimer: These codes may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
