16-13-9 - Requirement before commencing business -- Cash consideration for shares -- Minimum stated capital.
16-13-9. Requirement before commencing business -- Cash consideration forshares -- Minimum stated capital.
A development corporation incorporated after July 1, 1979, may not transact any businessor incur any indebtedness, except as is incidental to its organization or to obtain subscriptions toor payment for its shares, until there has been paid in for the issuance of shares consideration incash of at least $300,000. A development corporation shall have a stated capital of not less than$300,000.
Amended by Chapter 378, 2010 General Session