
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC147]

 
                      TITLE 15--COMMERCE AND TRADE
 
                         CHAPTER 4--CHINA TRADE
 
Sec. 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, Sec. 7, 42 Stat. 851; Feb. 26, 1925, ch. 345, 
Sec. 7, 43 Stat. 996.)


                               Amendments

    1925--Act Feb. 26, 1925, substituted ``not less than par value'' for 
``par value only''.

                  Section Referred to in Other Sections

    This section is referred to in section 148 of this title.
