Kentucky Statutes 99.160 – Stock not to be issued except for value received
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No redevelopment corporation shall issue stock except for money or property actually received for the use and lawful purposes of the corporation or services actually performed for the corporation.
Effective: June 2, 1942
History: Created 1942 Ky. Acts ch. 36, sec. 8.
Effective: June 2, 1942
Terms Used In Kentucky Statutes 99.160
- 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.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
History: Created 1942 Ky. Acts ch. 36, sec. 8.