§ 4-30-111 - Prerequisite for commencing business.
4-30-111. Prerequisite for commencing business.
No corporation organized under the provisions of this chapter shall commence business until at least twenty percent (20%) of its capital stock has been paid for in actual cash and a sworn statement to that effect has been filed with the Secretary of State, and his or her receipt for the statement shall be construed as a permit to do business.