11 NCAC 14 .0203. INITIAL CAPITALIZATION

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Pre‑incorporation subscriptions to the capital stock of a proposed company must be fully paid and the initial capitalization must be in escrow for the benefit of the proposed company before the certificate of incorporation can be approved and certified unto the Office of the Secretary of State for filing.

If pre‑incorporation subscriptions are not solicited then evidence of the existence of the initial capitalization must be presented to the commissioner before approval can be granted.

History Note: Authority G.S. 58‑7-80;

Eff. February 1, 1976;

Readopted Eff. January 22, 1980.

                    
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