30.0150 Amounts-Payment.

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(a) The amount of authorized capital stock of any corporation organized under this chapter may not be less than $2,000.

(b) The amount of paid-in capital with which any such corporation shall commence business may not be less than $1,000.

(c) No corporation may be permitted to issue stock except for an equivalent in money or labor done, or property actually received and applied to the purpose for which the corporation was created; and neither labor nor property may be received in payment of stock at a greater value than the actual value at the time the labor was done or property delivered, and all fictitious in-creases of stock or indebtedness are void.

History: 1962, PL 7-20.

Case Notes:

Alleged failings of corporation are nor specifically required activities under rather sparse corporate law, but go to issue disregarding corporate existence. Donald Export Trading Ca. v. Toko Groceries Distributors, Inc. ASR (1979).