23 CAR § 320-1801. Payment for stock

Under Arkansas Constitution, Article 12, § 8, corporate stock can be issued only for "money or property actually received, or labor done". A bank may not issue stock against the purchaser's promissory note, and it cannot issue stock at a price less than the par value thereof. Bank of Dermott v. Measel, 172 Ark. 193; Bank of Manila v. Wallace, 177 Ark. 190; Blanks v. American So. Trust Co., 177 Ark. 832; Murray v. Murray Laboratories, Inc., 223 Ark. 907; Bank of Commerce v. Goolsby, 129 Ark. 416.