15 U.S.C. § 147 : US Code - Section 147: Stock; issuance at par value

Search 15 U.S.C. § 147 : US Code - Section 147: Stock; issuance at par value

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.