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LegalText 15 U.S.C. § 147 Stock; issuance at par value us united_states_code code_section 15 COMMERCE AND TRADE 4 CHINA TRADE 147 15 U.S.C. § 147 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip /us/usc/t15/s147 data/legal/raw/us/code/title-15/usc15.xml 5f024e27c8958ac3915610b4bed9b519248ebd28ee18dad581ea5ee147514cae 6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059 3b2ff21bf352bdc99fa6fa0d28bae967acbd5228b5ceddd6fae4110268137689 2026-07-04 official
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15 U.S.C. § 147 - Stock; issuance at par value

Text

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.)

Notes

Editorial Notes

Amendments1925—Act Feb. 26, 1925, substituted “not less than par value” for “par value only”.