Section 23-69-127 - Consideration for stock

(a) Shares of stock of a domestic stock insurer shall be issued for a consideration having a value in the judgment of the insurer's board of directors of not less than the par value of the stock so issued.(b) In the absence of fraud, or willful over-valuation or under-valuation in the transaction, the judgment of the directors as to the value of any consideration shall be conclusive.Acts 1959, No. 148, § 480; A.S.A. 1947, § 66-4228.