§ 58-7-80. Capital stock fully paid in cash. - North Carolina Statutes

§58‑7‑80.  Capital stock fully paid in cash.

The capital stock shall bepaid in cash within 12 months from the date of the charter or certificate oforganization, and no certificate of full shares and no policies may be issueduntil the whole capital is paid in. A majority of the directors shall certifyon oath that the money has been paid by the stockholders for their respectiveshares and is held as the capital of the company invested or to be invested asrequired by G.S. 58‑7‑75. (1899, c. 54, s. 27; Rev., s.4730; C.S., s. 6333; 1945, c. 386.)