The directors, trustees, or other similar officers of any such corporation may purchase real and personal property necessary for their business and issue stock to the amount of the value thereof in payment therefor; and the stock so issued shall be declared to be full-paid stock and not liable to any further calls or assessments thereon nor for any debt of the corporation.
Source: L. 1879: p. 37, § 11. G.S. § 394. R.S. 08: § 1044. C.L. § 2410. CSA: C. 41, § 207. CRS 53: § 31-22-11. C.R.S. 1963: § 31-21-11.
Structure Colorado Code
Title 7 - Corporations and Associations
Article 51 - Joint Stock Religious or Benevolent Associations
§ 7-51-102. Affidavit of Chairperson - Where Filed - Effect
§ 7-51-104. Property Vests in Corporation
§ 7-51-105. Powers of Corporation
§ 7-51-107. Board of Directors
§ 7-51-108. Election of Directors
§ 7-51-109. Liability of Stockholders
§ 7-51-110. Certificate of Full Paid Stock
§ 7-51-111. Purchase of Property