Code of the District of Columbia

§ 26–1323. Payment of stock to be in money only; exception.

Nothing but money shall be considered as payment of any part of the capital stock, except that in the case of any company doing business on January 1, 1902, in the District of Columbia in any of the classes herein provided for, or under any act of Congress, or by virtue of the laws of any of the states, and which company had on that date actually received full payment in money of at least 50% of the capital stock required by this chapter, and which company desires to obtain a charter under this chapter, all the assets or property may be received and considered as money at a value to be appraised and fixed by the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking]; provided, that all such assets and property are also transferred to and are thereafter owned by the company organized under this chapter.

(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 735; Nov. 23, 1985, D.C. Law 6-63,§ 106(a)(14); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)

Prior Codifications

1981 Ed., § 26-423.

1973 Ed., § 26-323.

Section References

This section is referenced in § 26-1313 and § 26-1316.