610 ILCS 5/21

(610 ILCS 5/21) (from Ch. 114, par. 22)

Sec. 21. No such corporation shall issue any stock or bonds, except for money, labor or property actually received and applied to the purposes for which such corporation was organized. All stock dividends, and other fictitious increase of the capital stock or indebtedness of any such corporation, shall be void.

(Source: Laws 1871, p. 625.)