N.Y. CCO Law § 122

§ 122. Purchase of stock, assets or business of other corporations.\nAn agency corporation organized under this article may purchase stock or\nproperty or any interest in any property of any person, firm,\ncorporation or association, and may discharge the obligations so\nincurred wholly or in part, by exchanging for the acquired interest\nshares of its preferred capital stock to an amount which at par value\nwould equal the fair market value of the stock or interest so purchased\nas determined by the board of directors.\n A corporation organized under the provisions of this article shall\nhave the right to hold, own and exercise all rights of ownership in, and\nto sell, transfer or pledge, shares of capital stock or bonds of any\nother corporation engaged in any related activity including, but not as\na limitation, the warehousing, handling or marketing, in whole or in\npart, of any of the products handled by the corporation.\n