Legislation

Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 5015
Capital notes and debentures
Banking (BNK) CHAPTER 2, ARTICLE 15, TITLE 5
§ 5015. Capital notes and debentures. No corporation shall issue
capital notes or debentures except for money or other property, tangible
or intangible, or labor or services actually received by or performed
for the corporation or for its benefit or in its formation or
reorganization, or a combination thereof. In the absence of fraud in
the transaction, the judgment of the board as to the value of the
consideration received shall be conclusive.