15-2-111. DETERMINATION OF PRICE - PAYMENT FOR SHARES.

1. The powers granted in this section are subject to restrictions by the articles of incorporation.
2. Shares may be issued at price determined by the board of directors, or the board may set a minimum price or establish a formula or method by which the price may be determined.
3. Consideration for shares may consist of cash, promissory notes, services performed, contracts for services to be performed, or any other tangible or intangible property. If shares are issued for other than cash, the board of directors shall determine the value of the consideration.
4. Shares issued when the corporation receives the consideration determined by the board are validity issued, fully paid, and nonassessable.
5. A good faith judgment of the board of directors as to the value of the consideration received for shares is conclusive.
6. The corporation may place shares issued for a contract for future services or a promissory note in escrow, or make other arrangements to restrict the transfer of the shares, and may credit distributions in respect of the shares against their purchase price, until the services are performed or the note is paid. If the services are not performed or the note is not paid, the shares escrowed or restricted and the distributions credited may be canceled in whole or in part.