496B.7 Stock — limitations.
98 words·~1 min read·
/ia/chapter-496b-economic-development-corporations/496b-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Capital stock shall be issued only on receipt by each development corporation of cash in such amount not less than the par value thereof as may be determined by the board of directors. No shareholder of any development corporation shall be entitled as of right to purchase or subscribe for any unissued or treasury shares of the corporation, and no such shareholder shall be entitled as of right to purchase or subscribe for any bonds, notes, certificates of indebtedness, debentures, or other obligations convertible into shares of the development corporation.
[C66, 71, 73, 75, 77, 79, 81, §496B.7]