TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Section 4. Secretary of State Corporations, 14-4-1 through 14-4-183.

ARTICLE 3 CORPORATE FINANCE

14-4-43. Consideration for sale of nonpar stock.

A corporation may issue and dispose of its authorized shares without par value for such consideration as may be authorized or prescribed in its charter or certificate of incorporation or amendments thereof or, if there is no provision therein with respect thereto, for such consideration as may be fixed by the stockholders at a meeting duly called for that purpose, or by the board of directors when acting under general or special authority granted by the stockholders or under general authority conferred by the charter or certificate of incorporation or amendments thereof. Any and all shares without nominal or par value issued for the consideration prescribed or fixed in accordance with this Code section shall be fully paid and not liable to any further call or assessment thereon; nor shall the subscriber or holder be liable for any further payment.

(Ga. L. 1925, p. 224, § 2; Code 1933, § 22-806; Code 1933, § 22-4506, enacted by Ga. L. 1968, p. 565, § 1.)