77-9-191 - Fictitious stock is void.
§ 77-9-191. Fictitious stock is void.
A railroad corporation shall not issue stocks or bonds except for money, labor done or in good faith agreed to be done, or property actually received. Any fictitious increase of stock or indebtedness shall be void.
Sources: Codes, 1892, § 3600; 1906, § 4102; Hemingway's 1917, § 6731; 1930, § 6100; 1942, § 7752.