Whenever an association organized or existing hereunder with preferred capital stock shall purchase the stock or any property, or any interest in any property, of any person, firm, or 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.
Structure Mississippi Code
Title 79 - Corporations, Associations, and Partnerships
Chapter 19 - Agricultural Cooperative Marketing Associations
§ 79-19-1. Declaration of policy
§ 79-19-3. Definitions; nature of associations; short title
§ 79-19-13. Articles of association
§ 79-19-19. General and special meetings, how called
§ 79-19-21. Directors; election
§ 79-19-23. Election of officers
§ 79-19-27. Removal of officer or director
§ 79-19-29. Referendum may be had in certain cases
§ 79-19-31. Marketing contract
§ 79-19-37. Conflicting laws not to apply
§ 79-19-39. Limitation of the use of term "cooperative."
§ 79-19-41. Interest in other corporations or associations
§ 79-19-43. Contracts and agreements with other associations
§ 79-19-45. Association heretofore organized may adopt the provisions of this chapter
§ 79-19-47. How associations organized in another state may carry on business in this state
§ 79-19-51. Associations not in restraint of trade
§ 79-19-57. Cooperative marketing associations may maintain replevin
§ 79-19-59. Liquidated damages may be recovered
§ 79-19-61. Loan limited to 50 percent of capital and surplus