N.Y. Cooperative Corporations Law 122 – Purchase of stock, assets or business of other corporations
§ 122. Purchase of stock, assets or business of other corporations. An agency corporation organized under this article may purchase stock or property or any interest in any property of any person, firm, corporation or association, and 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 the fair market value of the stock or interest so purchased as determined by the board of directors.
Terms Used In N.Y. Cooperative Corporations Law 122
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
A corporation organized under the provisions of this article shall have the right to hold, own and exercise all rights of ownership in, and to sell, transfer or pledge, shares of capital stock or bonds of any other corporation engaged in any related activity including, but not as a limitation, the warehousing, handling or marketing, in whole or in part, of any of the products handled by the corporation.