{"data":{"id":"us-ky/krs-271b.6-210","jurisdiction":"us-ky","citation":"KRS 271B.6-210","heading":"Issuance of shares.","body":"(1) The powers granted in this section to the board of directors may be reserved to the\nshareholders by the articles of incorporation.\n(2) The board of directors may authorize shares to be issued for consideration\nconsisting of any tangible or intangible prope rty or benefit to the corporation,\nincluding cash, promissory notes, services performed, contracts for services to be\nperformed, or other securities of the corporation.\n(3) Before the corporation issues shares, the board of directors shall determine that t he\nconsideration received or to be received for shares to be issued is adequate. That\ndetermination by the board of directors is conclusive insofar as the adequacy of\nconsideration for the issuance of shares relates to whether the shares are validly\nissued, fully paid, and nonassessable.\n(4) When the corporation receives the consideration for which the board of directors\nauthorized the issuance of shares in accordance with this section, the shares issued\ntherefor are fully paid and nonassessable. When, and to the extent, consideration for\nthe issuance of shares consists of a promissory note or contract for services or other\nbenefits, the shares shall be fully paid and nonassessable at the time the note is\nissued or the contract is entered into.\n(5) The board of directors, or a committee of the board of directors, may authorize one\n(1) or more officers of the corporation to approve the issuance, sale, or contract for\nsale of shares or to determine the designation and relative rights, preferences, and\nlimitations of a class or series of shares, all within limits specifically prescribed by\nthe board of directors or the committee.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13341","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:18Z","sha256":"1ac087e55116d7e5902f9aeea4cfc6974feb760672501435c7d884c766de96db","source_id":"us-ky","stale":false,"prev":"us-ky/krs-271b.6-200","next":"us-ky/krs-271b.6-220"},"notice":"GroundRules: Original legal text. Not legal advice."}