§ 492.6 — Payment in property other than cash

Iowa § 492.6

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 492: CAPITAL STOCK

Text

1. If it is proposed to pay for said capital stock in property or in any other thing than
money, the corporation proposing the same must, before issuing capital stock in any form,
apply to the executive council of the state for leave so to do. Such application shall state
the amount of capital stock proposed to be issued for a consideration other than money,
and set forth specifically the property or other thing to be received in payment for such

stock, providing that the foregoing provision shall not apply to trust companies or insurance
companies organized under the laws of this state.
2. Any insurance company proposing to issue capital stock for property or any thing other
than money, before issuing the capital stock in any form, shall apply to the commissioner of
insurance for leave so to do. Such application to the commissioner of insurance shall state
the amount of capital stock proposed to be issued for a consideration other than money and
set forth specifically the property or other thing to be received in payment for such stock.

Legislative History

[S13, §1641-b; C24, 27, 31, 35, 39, §8413; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §492.6]