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. (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. 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.