Order unanimously reversed, with costs, and summary judgment granted plaintiff in accordance with the following memorandum: A cash purchase of par value stock cannot be made under section 504 of the Business Corporation Law for less than par value (Stone v. Young, 210 App. Div. 303; 2 White, New York Corporations [13th ed.], par. 504.02). In determining whether full par value has been paid for the issuance of par value stock, the cancellation of a corporation debt...
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