Michigan Compiled Laws, Chapter 450. Corporations § 450.105

Sec. 105.SAME; PURCHASE OF BUSINESS OF ANOTHER CORPORATION. Whenever any cooperative corporation shall purchase the business of another corporation, firm or person or persons, it may pay for the same in whole or in part by issuing to the selling corporation, firm, person or persons, shares of its capital stock to an amount which, at par value, would equal the fair market value of the business so purchased, and in such case the transfer to the purchasing corporation of such business at such valuation shall be equivalent to payment in cash for the shares of stock so issued.