§ 113-68. Issuance of securities restricted. - North Carolina Statutes

§ 113‑68.  Issuanceof securities restricted.

No such corporation shall issue stock, bonds or other securities exceptfor money, timberlands, or interests therein, located in the State of NorthCarolina or other property, actually received, or services rendered, for itsuse and its lawful purposes.  Timberlands, or interests therein, and otherproperty or services so accepted therefor, shall be upon a valuation approvedby the Secretary. (1933, c. 178, s.8; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 86.)