§19-4-18. Purchasing property of other associations, persons,
firms or corporations.
Whenever an association, organized under this article with
preferred capital stock, shall purchase the stock of any
property, or any interest in any property, or 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 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.