Title 15, Commerce and TradeRelease 119-102
§147 Stock; Issuance at Par Value
Title 15 › CHAPTER 4 — CHINA TRADE › § 147
Summary
Shares of a China Trade Act corporation must be issued for at least their par value. Payment must be cash or property under section 148 and kept by directors. No share is issued until par is paid. If issued without full payment, creditors can sue the holder for difference.
Full Legal Text
Title 15, §147
Commerce and Trade, Source: USLM XML via OLRC
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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1925—Act Feb. 26, 1925, substituted “not less than par value” for “par value only”.
Reference
Citations & Metadata
Citation
15 U.S.C. § 147
Title 15, Commerce and Trade
Last Updated
Aug 21, 2026
Release point: 119-102