                                 CODE OF VIRGINIA

PURCHASING BUSINESS OF OTHER ASSOCIATIONS, PERSONS, FIRMS OR CORPORATIONS; STOCK
ISSUED (§ 13.1-338)

Whenever an association organized 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 by agreement with the other
party or parties to the transaction 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 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.

HISTORY: Code 1950, § 13-285; 1956, c. 428.