§ 148. — Payment of stock in real or personal property.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC148]
TITLE 15--COMMERCE AND TRADE
CHAPTER 4--CHINA TRADE
Sec. 148. Payment of stock in real or personal property
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.
(Sept. 19, 1922, ch. 346, Sec. 8, 42 Stat. 851.)
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, Secs. 3, 5, 43 Stat. 995.
Section Referred to in Other Sections
This section is referred to in sections 144, 147 of this title.
