Shares of stock prohibited--Dividends and profits prohibited.

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  5. Shares of stock prohibited--Dividends and profits prohibited.

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47-24-3. Shares of stock prohibited--Dividends and profits prohibited.

A corporation shall not have or issue shares of stock. No dividend shall be paid and no part of the income or profit of a corporation shall be distributed to its members, directors, or officers.

Source: SL 1965, ch 24, §28.


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