2009 US Code
Title 15 - COMMERCE AND TRADE
CHAPTER 4 - CHINA TRADE
Sec. 147 - Stock; issuance at par value
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 3, Title 15 - COMMERCE AND TRADE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 15 - COMMERCE AND TRADE CHAPTER 4 - CHINA TRADE Sec. 147 - Stock; issuance at par value |
| Contains | section 147 |
| Date | 2009 |
| Laws in Effect as of Date | February 1, 2010 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Sept. 19, 1922, ch. 346, §7, 42 Stat. 851; Feb. 26, 1925, ch. 345, §7, 43 Stat. 996. |
| Statutes at Large References | 42 Stat. 851 43 Stat. 996 |
§147. Stock; issuance at par value
Each share of the original or any subsequent issue of stock of a China Trade Act corporation shall be issued at not less than par value, and shall be paid for in cash, or in accordance with the provisions of section 148 of this title, in real or personal property which has been placed in the custody of the directors. No such share shall be issued until the amount of the par value thereof has been paid the corporation; and when issued, each share shall be held to be full paid and nonassessable; except that if any share is, in violation of this section, issued without the amount of the par value thereof having been paid to the corporation, the holder of such share shall be liable in suits by creditors for the difference between the amount paid for such share and the par value thereof.
(Sept. 19, 1922, ch. 346, §7, 42 Stat. 851; Feb. 26, 1925, ch. 345, §7, 43 Stat. 996.)
Amendments1925—Act Feb. 26, 1925, substituted “not less than par value” for “par value only”.
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