492.10 - CANCELLATION OF STOCK -- REIMBURSEMENT.
492.10 CANCELLATION OF STOCK -- REIMBURSEMENT. The capital stock of any corporation issued in violation of the terms and provisions of sections 492.5 to 492.8 shall be void, and in a suit brought by the attorney general on behalf of the state in any court having jurisdiction, a decree of cancellation shall be entered; and if the corporation has received any money or thing of value for the said stock, such money or thing of value shall be returned to the individual, firm, company, or corporation from whom it was received, and if represented by labor or other service of intangible nature, the value thereof shall constitute a claim against the corporation issuing stock in exchange therefor.
Section History: Early Form [S13, § 1641-d; C24, 27, 31, 35, 39, § 8417; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 492.10]