Any certificate of stock issued, delivered, or transferred in violation of section 492.1 when the corporation has not received payment therefor at par in money or property at a valuation approved by the executive council, shall be void, and the issuance, delivery, or transfer of each certificate shall be considered a separate transaction.
[C24, 27, 31, 35, 39, § 8409; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 492.2]
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