Arkansas § 2-2-421 Exchange of shares for acquired interests

Arkansas Statutes

§ 2-2-421 — Exchange of shares for acquired interests

Arkansas § 2-2-421

Title2

This text of Arkansas § 2-2-421 (Exchange of shares for acquired interests) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 2-2-421 (2026).

Text

Whenever an association organized under this subchapter with preferred capital stock shall purchase the stock or any property or any interest in any property of any person, firm, corporation, or association, 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 which at par value would equal a 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.

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Whenever an association organized under this subchapter with preferred capital stock shall purchase the stock or any property or any interest in any property of any person, firm, corporation, or association, 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 which at par value would equal a 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.