Title 15, Commerce and TradeRelease 119-102
§148 Payment of Stock in Real or Personal Property
Title 15 › CHAPTER 4 — CHINA TRADE › § 148
Summary
A China Trade Act corporation may not count stock as paid in real or personal property for section 147 or 144(d) unless it files a certificate with the Secretary or registrar describing the property, gives its value, and pays an investigation fee, and the Secretary or registrar certifies the stated value does not exceed fair market value.
Full Legal Text
Title 15, §148
Commerce and Trade, Source: USLM XML via OLRC
No share of stock of a China Trade Act corporation shall, for the purposes of section 147 of this title or of subdivision (d) of section 144 of this title, 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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
Subdivision (d) of section 144 of this title, referred to in text, was in the original “paragraph (7) of subdivision (b) of section 4”, which is classified to section 144(b)(7) of this title. Part of the provisions of par. (7) were transferred to subd. (d) of section 144 by act Feb. 26, 1925, ch. 345, §§ 3, 5, 43 Stat. 995.
Reference
Citations & Metadata
Citation
15 U.S.C. § 148
Title 15, Commerce and Trade
Last Updated
Aug 21, 2026
Release point: 119-102