17-5403.   Shares may be issued for cash or property; exception.Shares, except guarantee shares or stock, may be issued for cash, orproperty in which the association is authorized to invest and, in theabsence of fraud in the transaction, the value of the property taken inpayment therefor as determined by the board of directors shall beconclusive.

      History:   L. 1943, ch. 133, § 61; L. 1955, ch. 141, § 1; June 30.