493.5 Liability of holder.
Any and all shares without par value issued for the consideration as prescribed or fixed in section 493.4 shall be deemed fully paid and nonassessable and the holder of such shares shall not be liable to the corporation or to its creditors in respect thereto.
[C31, 35, §8419-c5; C39, §8419.05; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §493.5]
Structure Iowa Code
Chapter 493 - STOCK WITHOUT PAR VALUE
Section 493.1 - Authorization.
Section 493.2 - Par value — method of stating.
Section 493.3 - Amount of stock.
Section 493.5 - Liability of holder.
Section 493.6 - Status of stock.
Section 493.7 - Certificates of stock.
Section 493.8 - Number of shares.
Section 493.9 - Change in stock.
Section 493.10 - Convertibility.