15 U.S.C. § 148 — Payment of stock in real or personal property

This section is a single, undivided rule about China Trade Act corporations — companies formed under that law. Normally, a company might let someone pay for its stock with real property (like land) or personal property (like equipment) instead of cash. This section says that kind of payment does not count for two specific legal purposes: section 147 of this title, and subdivision (d) of section 144 of this title. It won't count for those purposes unless two things happen first. First, the corporation must file a certificate. The certificate has to describe the property and state the value the corporation is assigning to it. The corporation files it with the Secretary or the registrar, following whatever process is set by regulation, and pays a fee that covers the cost of investigating the claim. Second, the Secretary or the registrar must review the property and certify to the corporation that its stated value is not more than the property's fair market value. Only once both of these steps are done does the property payment count for purposes of sections 147 and 144(d).