Restrictions on issuance of corporate stock and bonds

Alabama Constitution (January 1901)

Ala. Const. art XII, s 234 - 234
Permanent Link: http://vlex.com/vid/299174

Id. vLex: VLEX-299174

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Text:

No corporation shall issue stocks or bonds except for money, labor done, or property actually received; and all fictitious increase of stock or indebtedness shall be void. The stock and bonded indebtedness of corporations shall not be increased except in pursuance of general laws, nor without the consent of the persons holding the larger amount in value of stock, first obtained at a meeting to be held after thirty days' notice, given in pursuance of law.