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 or increases of shares or indebtedness shall be void; provided, that no such issue or increase made for valid bona fide antecedent debts shall be deemed fictitious or void.
2. Bonded indebtedness of a corporation shall be incurred or increased only upon prior approval by the board of directors. Unless the articles of incorporation otherwise provide, no vote or consent of shareholders shall be necessary to authorize or approve the incurrence of or an increase in bonded indebtedness.
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(L. 1943 p. 410 § 17, A.L. 1945 p. 696, A.L. 1961 p. 248)