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Question
Shares issued for less than their stated values are no-par shares.Answer
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Fact Pattern 41-1
Adam, a director of Beta Computer Company, learns that a Beta engineer has developed a new, significantly faster computer chip. Adam buys Beta stock and tells his friend Cathy, who also buys Beta stock. When the new chip is announced three weeks later, Adam and Cathy sell their stock for a big profit.
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Fact Pattern 41-1
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