Section 10.15.060. Payment required for issuance.

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A stock certificate may not be issued except upon payment of the par value of the shares it represents if the shares have par value, or if the shares are without par value, upon payment of the consideration for the shares expressed in dollars as fixed for the shares by the board. Payment for shares may be in cash or other tangible or intangible property.  If payment is made in property other than cash, the value of the property shall be determined by the board.  The determination, if made in good faith, is conclusive.

Notes

History

(Sec. 9(3) ch 107 SLA 1959)

                    
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