N.Y. Cooperative Corporations Law § 122: Purchase of stock, assets or business of other corporations

§ 122. Purchase of stock, assets or business of other corporations.

An agency corporation organized under this article may purchase stock or

property or any interest in any property of any person, firm,

corporation or association, and 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.

A corporation organized under the provisions of this article shall

have the right to hold, own and exercise all rights of ownership in, and

to sell, transfer or pledge, shares of capital stock or bonds of any

other corporation engaged in any related activity including, but not as

a limitation, the warehousing, handling or marketing, in whole or in

part, of any of the products handled by the corporation.