§ 15-12-1-36 — Purchase of property or stock in another entity

Indiana § 15-12-1-36

• Jurisdiction: Indiana
• Art. 12: AGRICULTURAL ASSISTANCE
• Ch. 1: Agricultural Cooperatives

Text

If an association that is organized under or
governed by this chapter with capital stock purchases:
(1) the stock;
(2) any property; or
(3) any interest in any property;
of any person, firm, corporation, or association, the association may
discharge the obligations incurred in the purchase, wholly or in part, by
exchanging for the acquired interest, shares of the association's capital
stock to an amount that at par value would equal the fair market value
of the stock or interest purchased, as determined by the board of
directors. In that case, the transfer to the association of the stock or
interest purchased must be equivalent to payment in cash for the shares
of stock issued.
[Pre-2008 Recodification Citation: 15-7-1-17.]

Legislative History

As added by P.L.2-2008, SEC.3.