15 U.S.C. § 147 — Stock; issuance at par value

This section covers stock issued by a China Trade Act corporation, whether it is the original stock issue or a later one. Every share must be issued at "not less than par value" — meaning the price cannot be lower than the share's stated value. Payment must be made in cash, or, following section 148 of this title, in real or personal property placed in the directors' custody. No share can be issued until the full amount of its par value has been paid to the corporation. Once properly issued, each share is "full paid and nonassessable" — meaning the shareholder owes nothing more on it and cannot be charged extra later. However, if a share is issued in violation of this rule — without its par value being fully paid — the shareholder who holds it can be held liable in lawsuits brought by the corporation's creditors. That shareholder must pay the difference between what they actually paid for the share and its full par value.