The consideration for the issuance of stock of a stock association shall be paid in money or payment in tangible assets at fair market value. When payment of the consideration for which shares of stock are to be issued has been received by the association, such stock shall be considered fully paid and nonassessable. This section shall not be considered to limit or prohibit an association from establishing stock option, performance share or other benefit plans involving stock, or issuing stock under such a plan, if the association has received a certificate of authority and has satisfied all conditions the Director of the Department of Consumer and Business Services has attached to the certificate. [1975 c.582 §67; 1981 c.472 §8]
Section: Previous 722.116 722.118 722.120 722.122 722.124 722.125 722.130 722.132 722.134 722.135 722.136 722.138 722.140 722.142 722.145 NextLast modified: August 7, 2008