All subscriptions to the capital stock of any corporation organized under this chapter shall be payable in money or in labor or in property at its money value. The labor or the property, or the value thereof, shall be named in the list of subscription, to be approved by the board of incorporators. In the case of a failure to perform the labor or to deliver the property subscribed according to the terms of subscription, or pay the true money value thereof, the board of incorporators, in behalf of the corporation, or the corporation itself after it shall have been organized, shall have a cause of action against such subscribers as in case of other subscriptions to the capital stock of corporations as provided by law.
HISTORY: 1962 Code Section 58-656; 1952 Code Section 58-656; 1942 Code Section 8181; 1932 Code Section 8181; Civ. C. '22 Section 4361; Civ. C. '12 Section 2875; Civ. C. '02 Section 1919; 1899 (23) 64.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.