There is no merit to plaintiff's argument that the sale of his stock is invalid under Business Corporation Law § 504 because the price of the stock was less than its par value and such defect could not be cured by the individual defendant's promises of future consideration. While section 504 prohibits an initial issuance of stock in a new corporation for less than par value or before the full purchase price is paid, it has no bearing on a re-sale of issued shares among...
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