Shares of preferred stock in exchange for acquired interest.
Section 33
SEC. 33. Shares of preferred stock in exchange for acquired interest. —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, corporation, or association, it may discharge the obligation 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, property or interest purchased shall be equivalent to payment in cash for the shares of preferred capital stock issued.