---
kind: "section"
citation: "15 U.S.C. § 148"
title: "15"
title_heading: "Commerce and Trade"
number: "148"
heading: "Payment of stock in real or personal property"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/148"
units:
  - "Chapter 4 — China Trade"
---

# §148. Payment of stock in real or personal property


No share of stock of a [China Trade Act corporation](/usc/15/142.md?p=c) shall, for the purposes of [section 147 of this title](/usc/15/147.md) or of subdivision (d) of [section 144 of this title](/usc/15/144.md), be held paid in real or personal property unless (1) a certificate describing the property and stating the value at which it is to be received has been filed by the [corporation](/usc/15/142.md?p=c) with the [Secretary](/usc/15/142.md?p=e) or the [registrar](/usc/15/142.md?p=f) in such manner as shall be by regulation prescribed, and a fee to be fixed by the [Secretary](/usc/15/142.md?p=e) or the [registrar](/usc/15/142.md?p=f), respectively, to cover the cost of any necessary investigation has been paid, and (2) the [Secretary](/usc/15/142.md?p=e) or the [registrar](/usc/15/142.md?p=f), as the case may be, finds and has certified to the [corporation](/usc/15/142.md?p=c) that such value is not more than the fair market value of the property.


## Source credit

(Sept. 19, 1922, ch. 346, § 8, 42 Stat. 851.)

## Notes

### Editorial Notes

### References in Text

Subdivision (d) of section 144 of this title, referred to in text, was in the original “paragraph (7) of subdivision (b) of section 4”, which is classified to section 144(b)(7) of this title. Part of the provisions of par. (7) were transferred to subd. (d) of section 144 by act Feb. 26, 1925, ch. 345, §§ 3, 5, 43 Stat. 995.