§148 — Title 15 Commerce and Trade | U.S. Code

Summary

A China Trade Act corporation may not pay for a share of stock with real or personal property unless it files a certificate with the Secretary or registrar under their rules, pays an investigation fee, and the Secretary or registrar certifies the stated value is not more than the property's fair market value.

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.

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.

§148 Payment of Stock in Real or Personal Property

Summary

Title 15, §148

Notes & Related Subsidiaries

Editorial Notes

References in Text

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