(a) The powers granted in this section are subject to restriction by the articles of incorporation.

(b) The board of directors can either:

(c) Consideration for shares may consist of cash, services actually performed, written contracts to provide for future services, or any other tangible property. If shares are issued for consideration other than cash, the board of directors shall determine the value of the consideration, so long as the price of goods and services neither exceeds nor undercuts to a significant degree the fair market value of the goods or services as of the date tendered for board assessment.

(d) Shares issued when the corporation receives the consideration are deemed validly issued, fully paid, and nonassessable.

(e) A good-faith judgment of the board of directors as to the value of the consideration received for shares is conclusive. That good-faith judgment may be based on information provided by accountants.

(f) The corporation may place shares issued for a contract for future services in escrow, or make other arrangements to restrict transfer of the shares, and may credit distributions relating to the shares against their purchase price until the services are performed. If the services are not performed, all shares escrowed or restricted shall be removed from escrow and offered for sale; and all distributions credited may be retained as surplus by the corporation and distributed pursuant to dividend provisions in the articles of incorporation. [Ord. 18 Part II § 4, adopted, 10/7/2008.]