351.160. Shares or bonds shall be for money paid, labor or property actually received--bonded indebtedness, how incurred.
Shares or bonds shall be for money paid, labor or property actuallyreceived--bonded indebtedness, how incurred.
351.160. 1. No corporation shall issue shares, or bonds orother obligations for the payment of money, except for moneypaid, labor done or property actually received; and allfictitious issues or increases of shares or indebtedness shall bevoid; provided, that no such issue or increase made for validbona fide antecedent debts shall be deemed fictitious or void.
2. Bonded indebtedness of a corporation shall be incurred orincreased only upon prior approval by the board of directors.Unless the articles of incorporation otherwise provide, no voteor consent of shareholders shall be necessary to authorize orapprove the incurrence of or an increase in bonded indebtedness.
(L. 1943 p. 410 § 17, A.L. 1945 p. 696, A.L. 1961 p. 248)