(a) Consideration for the issuance of shares may be paid, in whole or in part, in money, in other property, tangible or intangible, or in labor or services actually performed for the corporation. Unless otherwise provided in the articles of incorporation, when payment of the consideration for shares is received by the corporation, the shares are considered fully paid and nonassessable.

Terms Used In Alaska Statutes 10.06.338

  • articles of incorporation: means the original or restated articles of incorporation and all amendments and includes articles of merger. See Alaska Statutes 10.06.990
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • shares: means the units into which the proprietary interests in a corporation are divided. See Alaska Statutes 10.06.990
(b) A promissory note or future service does not constitute payment or part payment for shares of a corporation.
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