§ 19. Consideration for issuance of stock, bonds or income debentures.
No company shall issue stock, bonds, or income debentures except for
money or property actually received for the use and lawful purposes of
the company, provided, however, that a mutual company may issue stock
for home owners purchase notes if the purchase transaction has received
the written endorsement of the commissioner in accordance with
supplementary rules and regulations of the commissioner made therefor
and if at least two hundred dollars in money or property is received by
such company toward the issuance of such stock. No stock, bonds or
income debentures shall be issued for property except upon a valuation
approved by the supervising agency or by the commissioner, as the case
may be, and such valuations shall be used in computing the estimated or
actual project cost.