Consequence of issuing PAR VALUE stock for less than par value (i.e., "watered stock") for
2) Putative purchaser of stock
1) LIABLE for watered-down value (par value minus amount received) IF BOD KNOWINGLY AUTHORIZED the issuance
2) LIABLE (no defenses)
3) NOT LIABLE if TP acting in "good faith," i.e., did not know about the "water"