{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-304.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-304.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-304.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-304.html"}],"law_id":84790,"edition_id":1,"section_id":84790,"structure_id":14216,"section_number":"13.1-304","catch_line":"Purchase of business by issue of shares of stock","history":"Code 1950, \u00a7 13-241; 1956, c. 428; 1994, c. 217.","full_text":"Whenever any stock cooperative association shall purchase the business of another association, person or persons, it may pay for the same in whole or in part by issuing to the selling association or person shares of its capital stock to an amount which at par value would equal the fair market value of the business so purchased, and in such case the transfer to the association of such business at such valuation shall be equivalent to payment in cash for the shares of stock so issued. In case the cash value of such purchased business exceeds $1,000 the directors of the association are authorized to hold the shares in excess of $1,000 in trust for the vendor and dispose of the same to such persons and within such time, as may be mutually satisfactory to the parties in interest, and to pay the proceeds thereof as currently received to the former owners of such business.","order_by":null,"text":{"0":{"id":303794,"text":"Whenever any stock cooperative association shall purchase the business of another association, person or persons, it may pay for the same in whole or in part by issuing to the selling association or person shares of its capital stock to an amount which at par value would equal the fair market value of the business so purchased, and in such case the transfer to the association of such business at such valuation shall be equivalent to payment in cash for the shares of stock so issued. In case the cash value of such purchased business exceeds $1,000 the directors of the association are authorized to hold the shares in excess of $1,000 in trust for the vendor and dispose of the same to such persons and within such time, as may be mutually satisfactory to the parties in interest, and to pay the proceeds thereof as currently received to the former owners of such business.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14216,"edition_id":1,"name":"Cooperative Associations Generally","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":13350,"metadata":{},"date_created":"2026-06-26 03:47:19","date_modified":"2026-06-26 03:47:19","permalink":{"id":149521,"object_type":"structure","relational_id":14216,"identifier":"1","token":"13.1\/3\/1","url":"\/13.1\/3\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13350,"edition_id":1,"name":"Cooperative Associations","identifier":"3","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":149519,"object_type":"structure","relational_id":13350,"identifier":"3","token":"13.1\/3","url":"\/13.1\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":72299,"structure_id":14216,"section_number":"13.1-301","catch_line":"Organization of cooperative associations; purposes; name; par value stock required","url":"\/13.1-301\/","token":"13.1\/3\/1\/13.1-301","metadata":false},{"id":55416,"structure_id":14216,"section_number":"13.1-301.1","catch_line":"Amendments to articles of incorporation","url":"\/13.1-301.1\/","token":"13.1\/3\/1\/13.1-301.1","metadata":false},{"id":82162,"structure_id":14216,"section_number":"13.1-301.2","catch_line":"Adoption, change or repeal of bylaws; subject matter","url":"\/13.1-301.2\/","token":"13.1\/3\/1\/13.1-301.2","metadata":false},{"id":67915,"structure_id":14216,"section_number":"13.1-302","catch_line":"Limitation of individual stockholding","url":"\/13.1-302\/","token":"13.1\/3\/1\/13.1-302","metadata":false},{"id":64857,"structure_id":14216,"section_number":"13.1-303","catch_line":"Investment in other stock","url":"\/13.1-303\/","token":"13.1\/3\/1\/13.1-303","metadata":false},{"id":84790,"structure_id":14216,"section_number":"13.1-304","catch_line":"Purchase of business by issue of shares of stock","url":"\/13.1-304\/","token":"13.1\/3\/1\/13.1-304","metadata":false},{"id":67196,"structure_id":14216,"section_number":"13.1-305","catch_line":"Rights of subscribers before full payment","url":"\/13.1-305\/","token":"13.1\/3\/1\/13.1-305","metadata":false},{"id":67757,"structure_id":14216,"section_number":"13.1-306","catch_line":"Distribution of earnings","url":"\/13.1-306\/","token":"13.1\/3\/1\/13.1-306","metadata":false},{"id":80181,"structure_id":14216,"section_number":"13.1-307","catch_line":"Permissible limitation of stock ownership or voting rights","url":"\/13.1-307\/","token":"13.1\/3\/1\/13.1-307","metadata":false},{"id":76923,"structure_id":14216,"section_number":"13.1-308","catch_line":"Limitation of use of \"cooperative\" in corporate name","url":"\/13.1-308\/","token":"13.1\/3\/1\/13.1-308","metadata":false},{"id":85256,"structure_id":14216,"section_number":"13.1-309","catch_line":"Other cooperatives may come under article","url":"\/13.1-309\/","token":"13.1\/3\/1\/13.1-309","metadata":false},{"id":84047,"structure_id":14216,"section_number":"13.1-309.1","catch_line":"Foreign cooperatives","url":"\/13.1-309.1\/","token":"13.1\/3\/1\/13.1-309.1","metadata":false},{"id":65730,"structure_id":14216,"section_number":"13.1-310","catch_line":"Cooperative associations may give certain liens on rotating stocks","url":"\/13.1-310\/","token":"13.1\/3\/1\/13.1-310","metadata":false},{"id":83081,"structure_id":14216,"section_number":"13.1-311","catch_line":"Taxation","url":"\/13.1-311\/","token":"13.1\/3\/1\/13.1-311","metadata":false},{"id":81575,"structure_id":14216,"section_number":"13.1-311.1","catch_line":"Provisions relating to dissolution of and revocation of certificates of associations","url":"\/13.1-311.1\/","token":"13.1\/3\/1\/13.1-311.1","metadata":false}],"previous_section":{"id":64857,"structure_id":14216,"section_number":"13.1-303","catch_line":"Investment in other stock","url":"\/13.1-303\/","token":"13.1\/3\/1\/13.1-303","metadata":false},"next_section":{"id":67196,"structure_id":14216,"section_number":"13.1-305","catch_line":"Rights of subscribers before full payment","url":"\/13.1-305\/","token":"13.1\/3\/1\/13.1-305","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-304\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1956, chapter 428; in 1994, chapter 217<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":149543,"object_type":"law","relational_id":84790,"identifier":"13.1-304","token":"13.1\/3\/1\/13.1-304","url":"\/13.1-304\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-304\/","token":"13.1\/3\/1\/13.1-304","dublin_core":{"Title":"Purchase of business by issue of shares of stock","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-304","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Whenever any stock cooperative association shall purchase the business of another association, person or persons, it may pay for the same in whole or in part by issuing to the selling association or person shares of its capital stock to an amount which at par value would equal the fair market value of the business so purchased, and in such case the transfer to the association of such business at such valuation shall be equivalent to payment in cash for the shares of stock so issued. In case the cash value of such purchased business exceeds $1,000 the directors of the association are authorized to hold the shares in excess of $1,000 in trust for the vendor and dispose of the same to such persons and within such time, as may be mutually satisfactory to the parties in interest, and to pay the proceeds thereof as currently received to the former owners of such business.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPURCHASE OF BUSINESS BY ISSUE OF SHARES OF STOCK (\u00a7 13.1-304)\n\nWhenever any stock cooperative association shall purchase the business of\nanother association, person or persons, it may pay for the same in whole or in\npart by issuing to the selling association or person shares of its capital stock\nto an amount which at par value would equal the fair market value of the\nbusiness so purchased, and in such case the transfer to the association of such\nbusiness at such valuation shall be equivalent to payment in cash for the shares\nof stock so issued. In case the cash value of such purchased business exceeds\n$1,000 the directors of the association are authorized to hold the shares in\nexcess of $1,000 in trust for the vendor and dispose of the same to such persons\nand within such time, as may be mutually satisfactory to the parties in\ninterest, and to pay the proceeds thereof as currently received to the former\nowners of such business.\n\nHISTORY: Code 1950, \u00a7 13-241; 1956, c. 428; 1994, c. 217.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}