Which of the following statements concerning no-par value shares is false?

The assertion that no-par value shares can be issued by every type of corporation is false because the ability to issue no-par value shares varies depending on the jurisdiction and specific corporate laws governing different types of corporations. While many states allow corporations to issue no-par value shares, not all types of corporations, such as certain publicly traded companies or specific legal entities, may have this flexibility.

The other statements are accurate regarding no-par value shares. For instance, the entire consideration received for these shares must indeed be treated as legal capital, which safeguards creditors by establishing a clear capital structure. Additionally, the articles of incorporation are required to specify the issuance of no-par value shares to provide clarity on the corporation's policy regarding share capital. Furthermore, shares issued without par value are generally considered fully paid and nonassessable, which means shareholders are not liable for additional payments after their initial investment, protecting them from future calls for funds. Thus, the correct selection highlights an important distinction regarding corporate governance and share structure.