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  5. 857 S.W.2d 291 (1993)
 

PLACE v. P.M. PLACE STORES CO.

No. WD 45889.

857 S.W.2d 291 (1993)

Phillip PLACE, Sharon L. Place, Kathleen Faye Place Trust, and Billy H. Place Trust, Appellants, v. P.M. PLACE STORES COMPANY, Charles M. Place, Charles P. Place, Wayne F. Lee, Martha Place, William B. Henry, and Donald Connell, Respondents.

Missouri Court of Appeals, Western District.

As Modified May 27, 1993.

Motion for Rehearing and/or Transfer Denied June 1, 1993.

Application to Transfer Denied August 17, 1993.

Attorney(s) appearing for the Case

Timothy Joseph Sear, Kansas City, for appellants.

John R. Cleary, Kansas City, for respondents.

Before KENNEDY, P.J., and BERREY and SPINDEN, JJ.

Motion for Rehearing and/or Transfer to Supreme Court Denied June 1, 1993.

SPINDEN, Judge.

P.M. Place Stores Company wants to sell its treasury shares to its employees in exchange for promissory notes. Phillip Place, Sharon L. Place, the Kathleen Faye Place trust, and the Billy H. Place trust are shareholders of Place, and they contend that § 351.1651 prohibits the corporation from accepting promissory notes as payment for...

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