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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

For no-par stock, the board fixes an issue price relying only on its general managerial status. The articles fix no price and neither articles nor bylaws confer authority; no majority-outstanding-stock meeting fixes it. The price exceeds the statutory minimum. Which is correct?

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The statutory minimum abolishes the last paragraph of Section 61 Only the amount matters Meeting the minimum price does not replace the specific authority or fallback approval required to fix the price. A high enough price automatically supplies decision-making authority

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