§ 105. Payment for stock with property; approved by Commission

When stock is issued for property other than cash, the value of the property fixed by the incorporators or stockholders must receive the approval of the Public Utility Commission. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 1995, No. 99 (Adj. Sess.), § 5.)