2-2-421. Exchange of shares for acquired interests.

Arkansas Code — all titles (historical 2020) · legal_authorities

2-2-421. Exchange of shares for acquired interests.

2-2-421. Exchange of shares for acquired interests. 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.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-2-421

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.