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The Vermont Statutes Online



Title

11

:
Corporations, Partnerships and Associations






Chapter

007

:
COOPERATIVES






Subchapter

002
:
THE COOPERATIVE MARKETING ACT










 

§

1022. Payment in stock

When an

association with preferred capital stock shall purchase the stock or any

property or interest, it may discharge the obligation 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 the fair market value of the

stock, property 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.