Capital stock of Corporation

7 U.S.C. § 1504
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
(a) Subscription by United StatesThe Corporation shall have a capital stock of $500,000,000 subscribed by the United States of America, payment for which shall, with the approval of the Secretary, be subject to call in whole or in part by the Board. (b) AppropriationsThere is authorized to be appropriated such sums as are necessary for the purpose of subscribing to the capital stock of the Corporation. (c) Issuance of stock to Secretary of the TreasuryReceipts for payments by the United States of America for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury and shall be evidence of the stock ownership by the United States of America. (d) Cancellation of receipts; nonliability of CorporationWithin thirty days after September 26, 1980, the Secretary of the Treasury shall cancel, without consideration, receipts for payments for or on account of the stock of the Corporation outstanding on September 26, 1980, and such receipts shall cease to be liabilities of the Corporation.

Starting a business? Corpus forms LLCs in all 50 states and DC.