2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 7 - Cooperative Corporations
§ 579. Purchase of business of another; payment in shares or memberships; approval by shareholders
Universal Citation: V.I. Code tit. 13, § 579 (2019)
- When a cooperative corporation purchases the business of any other association, corporation, or person, it may pay for the purchase wholly or partly by the issue of shares of its capital stock or memberships to an amount which at par value would equal the fair market value of the business purchased, or wholly or partly in goods and services equal to the fair market value of the business purchased, or by any combination of shares, memberships, goods, and services to that amount.
- No such purchase shall be made until the proposal therefor has been submitted by the directors to a meeting of the shareholders duly convened, with notice of the proposed action, and with an itemized statement of assets and liabilities of the business proposed to be purchased which shall include the value of the goodwill, patents, and other intangible assets as a separate item, and the proposal has been ratified by a majority vote of the shareholders.
Disclaimer: These codes may not be the most recent version. US Virgin Islands 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
