59-13-133 - Use of preferred stock to discharge obligations. - Tennessee Statutes

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59-13-133. Use of preferred stock to discharge obligations.

Whenever an association, organized pursuant to this chapter with preferred capital stock, shall purchase the stock or any property, or any interest in any property of any person, 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 the 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.

[Acts 1984, ch. 864, § 33.]

State Codes and Statutes

Statutes > Tennessee > Title-59 > Chapter-13 > 59-13-133

59-13-133. Use of preferred stock to discharge obligations.

Whenever an association, organized pursuant to this chapter with preferred capital stock, shall purchase the stock or any property, or any interest in any property of any person, 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 the 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.

[Acts 1984, ch. 864, § 33.]

State Codes and Statutes

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State Codes and Statutes

Statutes > Tennessee > Title-59 > Chapter-13 > 59-13-133

59-13-133. Use of preferred stock to discharge obligations.

Whenever an association, organized pursuant to this chapter with preferred capital stock, shall purchase the stock or any property, or any interest in any property of any person, 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 the 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.

[Acts 1984, ch. 864, § 33.]