N.Y. Cooperative Corporations Law § 71

§ 71. Purchasing business of other corporations or persons. Whenever a\ncorporation shall purchase the business of another corporation or\nperson, it may make payment wholly or partly by the issue of shares or\nother securities to an amount which at par value would equal the fair\nmarket value of the business so purchased; and such securities shall\nthereupon be deemed fully paid for.\n