(a) Shares of stock of a domestic stock insurer shall be issued for a consideration having a value in the judgment of the insurer's board of directors of not less than the par value of the stock so issued.
(b) In the absence of fraud, or willful over-valuation or under-valuation in the transaction, the judgment of the directors as to the value of any consideration shall be conclusive.
Section: Previous 23-69-120 23-69-121 23-69-122 23-69-123 23-69-124 23-69-125 23-69-126 23-69-127 23-69-128 23-69-129 23-69-130 23-69-131 23-69-132 23-69-133 23-69-134 NextLast modified: November 15, 2016