Section 10.06.338. Payment for shares.

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   (a) Consideration for the issuance of shares may be paid, in whole or in part, in money, in other property, tangible or intangible, or in labor or services actually performed for the corporation. Unless otherwise provided in the articles of incorporation, when payment of the consideration for shares is received by the corporation, the shares are considered fully paid and nonassessable.
   (b) A promissory note or future service does not constitute payment or part payment for shares of a corporation.

Notes

History

(Sec. 1 ch 166 SLA 1988)

                    
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