2011 Missouri Revised Statutes
TITLE XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS
Chapter 351 General and Business Corporations
Section 351.165. Note or obligation not to be considered payment for original issue shares--corporation shall not lend money to shareholder for purchase of shares--liability.
Note or obligation not to be considered payment for original issue shares--corporation shall not lend money to shareholder for purchase of shares--liability.
351.165. No note or obligation given by any shareholder, whether secured by deed of trust, mortgage or otherwise, shall be considered as payment of any part of any original issue share or shares, and no loan of money for the purpose of such payment shall be made by the corporation to any shareholder therein; and if such loan shall be made to a shareholder, the officers making it, or who shall assent thereto, shall be jointly and severally liable to the corporation for the repayment of such loan and interest.
(RSMo 1939 5349, A.L. 1943 p. 410 18, A.L. 1979 S.B. 216, A.L. 1998 S.B. 680)Prior revisions: 1929 4944; 1919 10155; 1909 3350
Annotation Copyright Missouri Joint Committee on Legislative Research
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