Massachusetts General Laws ch. 156B sec. 18 – Consideration for issuance of stock
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Section 18. Capital stock may be issued for cash, tangible or intangible property, services, or for a debt, note or expenses. Stock having par value shall not be issued for cash, property, services or expenses worth less than the par value. For the purpose of the second sentence, a debt or note of the purchaser secured or unsecured shall not be considered property.
Terms Used In Massachusetts General Laws ch. 156B sec. 18
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.