17-5403. Shares may be issued for cash or property; exception.
17-5403
17-5403. Shares may be issued for cash or property; exception.
Shares, except guarantee shares or stock, may be issued for cash, or
property in which the association is authorized to invest and, in the
absence of fraud in the transaction, the value of the property taken in
payment therefor as determined by the board of directors shall be
conclusive.
History: L. 1943, ch. 133, § 61; L. 1955, ch. 141, § 1; June 30.