Stocks and bonds--Indebtedness increase.
No corporation shall issue stocks or bonds
except for money, labor done, or money or property actually received; and all fictitious increase of
stock or indebtedness shall be void. The stock and indebtedness of corporations shall not be
increased except in pursuance of general law, nor without the consent of the persons holding the
larger amount in value of the stock first obtained, at a meeting to be held after sixty days notice given
in pursuance of law.
History: Repeal proposed by SL 2008, ch 1, § 3 rejected Nov. 4, 2008. Amendment proposed by
SL 2012, ch 264, § 6 rejected Nov. 6, 2012.