TITLE XXVII CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS
CHAPTER 294-C FRAUDULENT OR UNAUTHORIZED ISSUE OF STOCK
Section 294-C:1
294-C:1 Limits of Issue. –
No corporation shall increase its capital stock beyond the maximum amount fixed by its charter or otherwise authorized by law, or divide the proceeds of the sale of its stock among its stockholders, or issue certificates of stock when the par value of the shares represented by the certificates has not been fully paid to its treasurer. All certificates issued for such unauthorized stock shall be void.