Effective – 28 Aug 1961 351.160. Shares or bonds shall be for money paid, labor or property actually received — bonded indebtedness, how incurred. — 1. No corporation shall issue shares, or bonds or other obligations for the payment of money, except for money paid, labor done or property actually received; and all fictitious issues […]
Effective – 28 Aug 1998 351.165. Note or obligation not to be considered payment for original issue shares — corporation shall not lend money to shareholder for purchase of shares — liability. — No note or obligation given by any shareholder, whether secured by deed of trust, mortgage or otherwise, shall be considered as payment […]
Effective – 28 Aug 1943 351.170. Expenses of organization or reorganization, how paid. — The reasonable charges and expenses of organization or reorganization of a corporation and reasonable compensation for the sale or underwriting of its shares, may be paid or allowed by such corporation out of consideration received by it in payment for its […]
Effective – 28 Aug 1979 351.175. Subscriptions for shares — payment — failure to pay — notice for payment or forfeiture. — 1. The board of directors shall have the power to accept or reject subscriptions for shares whether made before or after the organization of the corporation. 2. Unless otherwise provided in the subscription […]
Effective – 28 Aug 2005 351.180. Power to issue shares — preferences — procedure — redemption of stock by corporation, requirements — amended certificate of designation for classes or series adversely affecting holders, majority vote of holders required. — 1. Every corporation may issue one or more classes of stock or one or more series […]
Effective – 28 Aug 2005 351.182. Stock warrants, options — terms — consideration. — 1. Subject to any provisions in the articles of incorporation, every corporation may create and issue, whether or not in connection with the issue and sale of any shares of stock or other securities of the corporation, rights or options entitling […]
Effective – 28 Aug 1977 351.185. Consideration for shares — exchange or conversion of shares. — 1. Shares having a par value shall be issued for such consideration not less than the par value thereof as shall be fixed from time to time by the board of directors. Shares without par value may be issued […]
Effective – 28 Aug 1943 351.190. A corporation may determine that only a part of the consideration for which shares may be issued shall be stated capital, when. — 1. A corporation may determine that only a part of the consideration for which its shares may be issued, from time to time, shall be stated […]
Effective – 28 Aug 2004 351.195. Reduction of stated capital, how made. — 1. The reduction of the stated capital of a corporation, whether by retirement of reacquired shares or otherwise, may be made in the following manner, but nothing contained in this section shall be construed to forbid the retirement of shares or the […]
Effective – 28 Aug 2004 351.200. Redemption or purchase of own shares — retirement of shares. — 1. Any corporation which has issued shares of any class of stock may, subject to the provisions of its articles of incorporation, redeem all or any part of such shares if subject to redemption under the provisions of […]
Effective – 28 Aug 1975 351.205. Preferred shares issued before November 21, 1943, without redemption provisions, how redeemed. — 1. Any corporation which issued preferred shares prior to November 21, 1943, the issued certificates evidencing which shares contain no provision for redemption, and which corporation has no provision in its articles of incorporation providing for […]
Effective – 28 Aug 2013 351.210. Paid-in surplus — its distribution and restrictions. — 1. Paid-in surplus, whether created by reduction of stated capital or otherwise, may be distributed in cash or in kind to the shareholders entitled thereto, subject to the following restrictions: (1) No such distribution shall be made to any class of […]
Effective – 28 Aug 1996 351.215. Books and records, minutes of meeting — shareholder’s right to examine — acquiring person’s demand deemed proper, when — penalty. — 1. Each corporation shall keep correct and complete books and records of account, including the amount of its assets and liabilities, minutes of the proceedings of its shareholders […]
Effective – 01 Jul 2001 351.220. Payment of dividends on shares of stock. — The board of directors of a corporation may declare and the corporation may pay dividends on its shares in cash, property, or its own shares, subject to the following limitations and provisions: (1) No dividend shall be declared or paid at […]
Effective – 28 Aug 2009 351.225. Shareholders’ meetings prescribed by bylaws. — 1. (1) Meetings of shareholders may be held at such place, either within or without this state, as may be provided in the bylaws. In the absence of any such provisions, all meetings shall be held at the registered office of the corporation […]
Effective – 28 Aug 1998 351.230. Shareholders’ meetings — notice of, how given, contents of. — 1. Written or printed notice of each meeting of shareholders stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, shall be given […]
Effective – 28 Aug 1975 351.235. Meetings, how convened — vote inspectors, when appointed, duties of. — Every meeting, for whatever object, of the shareholders in any corporation shall be convened by its president, secretary or other officer or any of the persons calling the meeting by a notice given as herein provided. If the […]
Effective – 28 Aug 1943 351.240. Inspector’s oath. — Any inspector, before he shall enter on the duties of his office, shall take and subscribe the following oath before any officer authorized by law to administer oaths: “I do solemnly swear, that I will execute the duties of an inspector of the election now to […]
Effective – 28 Aug 2000 351.245. Shares, how voted — control share acquisition proxies, valid when, requirements, shareholder may authorize another person to act as proxy, procedure — electronic transmission defined. — 1. Unless otherwise provided in the articles of incorporation, each outstanding share entitled to vote under the provisions of the articles of incorporation […]
Effective – 28 Aug 1965 351.246. Shareholders may create voting trust. — Any number of shareholders of a corporation may create a voting trust for the purpose of conferring upon a trustee or trustees the right to vote or otherwise represent their shares, for any period, without regard to the rule against perpetuities or similar […]
