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15 U.S.C. § 147 — Stock; issuance at par value
Federal law — U.S. Code and appendices · legal_authorities
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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section148&num=0&edition=prelim), 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.
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Stable record: federal_law:legal_authorities:record_usc_9d7694ce4e3bb8d7784ba544
Source file: Laws/federal/codes/united-states-code/title-15/section-147-stock-issuance-at-par-value--12d5cbed2f.md
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Source location: Title 15, Chapter 4, § 147; chapter-004-china-trade.md
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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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section148&num=0&edition=prelim), 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.
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Federal law — U.S. Code and appendices · legal_authorities
No share of stock of a China Trade Act corporation shall, for the purposes of [section 147 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section147&num=0&edition=prelim) or of subdivision (d) of [section 144 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section144&num=0&edition=prelim), be held paid in real or personal property unless (1) a certificate describing the property and stating the value at which it is to be received has been filed by the corporation with the Secretary or the registrar in such manner as shall be by regulation prescribed, and a fee to be fixed by the Secretary or the registrar, respectively, to cover the cost of any necessary investigation has been paid, and (2) the Secretary or the registrar, as the case may be, finds and has certified to the corporation that such value is not more than the fair market value of the property.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 148
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Federal law — U.S. Code and appendices · legal_authorities
Page 623
TITLE 15—COMMERCE AND TRADE
§ 147
have been complied with and declaring that the
incorporators are a body corporate, if (a) an in-
corporation fee of $100 has been paid him; (b) he
finds that the articles of incorporation and
statements therein conform to the requirements
of, and that the incorporation is authorized by,
this chapter; and (c) he finds that such corpora-
tion will aid in developing markets in China for
goods produced in the United States. A copy of
the articles of incorporation shall be made a
part of the certificate of incorporation and
printed in full thereon. Any failure, previous to
the issuance of the certificate of incorporation,
by the incorporators or in respect to the appli-
cation for the certificate of incorporation, to
conform to any requirement of law which is a
condition precedent to such issuance, may not
subsequent thereto be held to invalidate the cer-
tificate of incorporation or alter the legal status
of any act of a China Trade Act corporation, ex-
cept in proceedings instituted by the registrar
for the revocation of the certificate of incorpo-
ration.
(Sept. 19, 1922, ch. 346, § 5, 42 Stat. 850.)
§ 146. General powers of corporation
In addition to the powers granted elsewhere in
this chapter, a China Trade Act corporation—
(a) Shall have the right of succession during
the existence of the corporation;
(b) Shall have a corporate seal and may, with
the approval of the Secretary, alter it;
(c) May sue and be sued;
(d) Shall have the right to transact the busi-
ness authorized by its articles of incorporation
and such further business as is properly con-
nected therewith or necessary and incidental
thereto;
(e) May make contracts and incur liabilities;
(f) May acquire and hold real or personal prop-
e
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 147
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