Section 315 - Nature of transactions(a)General rule.--The fact that a sale or conversion of the interests in or assets of an association or a transaction under this chapter or other law produces a result that could be accomplished in any other manner permitted by a different set of provisions of this chapter or other law shall not be a basis for recharacterizing the sale, conversion or transaction as a different form of sale, conversion or transaction under this chapter or other law. (b)Business purpose not required.--A transaction under this chapter does not require an independent business purpose in order for the transaction to be lawful.Amended by P.L. (number not assigned at time of publication) 2024 No. 59,§ 3, eff. 9/13/2024.Amended by P.L. TBD 2022 No. 122, § 13, eff. 1/2/2023.Amended by P.L. TBD 2016 No. 170, § 2, eff. 2/19/2017.Added by P.L. 2639 2014 No. 172, § 9, eff. 7/1/2015.