§ 147. Stock; issuance at par value

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1922

   China Trade Act, 1922

   Pub. L. 67–346 § 7 · 42 Stat. 849

   Enacted · 15 U.S.C. § 147

   Sept. 19, 1922, ch. 346, § 7, 42 Stat. 851

   Source evidence

   Code source credit
   Sept. 19, 1922, ch. 346, § 7, 42 Stat. 851

   Enacted provision · exact public law section
   Sec. 7. shares of stock. Each share of the original or any subsequent issue of stock Stock to be issued at par. of a China Trade Act corporation shall be issued at par value only, and shall be paid for in cash or in accordance with the provisions of section 8, in real or personal property which has been placed in the custody of the directors. No such share shall be issued until the Shares to be fully paid before issue. 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 Holders liable for unpaid amounts. 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.

1 of 1 references resolved to an enrolled provision