(805 ILCS 315/20) (from Ch. 32, par. 459)
Sec. 20.
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
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.
(Source: Laws 1923, p. 286.)
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