New York § 71 - 71Purchasing business of other corporations or persons
Full text of New York New York Consolidated Laws § 71 — 71Purchasing business of other corporations or persons, with citation guidance and answers to common questions.
§ 71. 71Purchasing business of other corporations or persons
§ 71. Purchasing business of other corporations or persons. Whenever a corporation shall purchase the business of another corporation or person, it may make payment wholly or partly by the issue of shares or other securities to an amount which at par value would equal the fair market value of the business so purchased; and such securities shall thereupon be deemed fully paid for.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 71
What does New York Consolidated Laws § 71 cover?
Section 71 ("71Purchasing business of other corporations or persons") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 71?
A common citation format is "New York Consolidated Laws § 71" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 71 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.