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Payment for shares - 15 Pa. Cons. Stat. § 1524

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     § 1524.  Payment for shares.
        (a)  General rule.--Consideration for shares, unless
     otherwise restricted in the bylaws:
            (1)  May consist of money, obligations (including an
        obligation of a shareholder), services performed whether or
        not contracted for, contracts for services to be performed,
        shares or other securities or obligations of the issuing
        business corporation, or any other tangible or intangible
        property or benefit to the corporation. If shares are issued
        for other than money, the value of the consideration shall be
        determined by or in the manner provided by the board of
        directors.
            (2)  Shall be provided or paid to or as ordered by the
        corporation.
        (b)  Issuance without consideration.--Except as otherwise
     restricted in the bylaws, upon authorization by the board of
     directors, the corporation may issue or distribute its own
     shares pro rata to its shareholders or the shareholders of one
     or more classes or series, if the relative rights of the holders
     of any class or series are not adversely affected thereby, to
     effectuate stock dividends or splits, and any such transaction
     shall not require payment of consideration.
        (c)  Status of issued shares.--Except as provided in
     subsection (e), all issued shares of a business corporation
     shall be deemed fully paid regardless of failure to pay in full
     the agreed consideration therefor. Except as otherwise provided
     by a regulatory statute controlling under section 103(c)
     (relating to structural provisions in regulatory statutes
     controlling), all issued shares of a corporation shall be
     nonassessable. This subsection shall not affect the personal
     obligation of a subscriber for shares of a corporation to pay
     the agreed consideration for the shares.
        (d)  Rights of subscribing shareholder.--Notwithstanding any
     other provision of this subpart, the right to vote, to receive
     dividends and to have and exercise the other rights of a
     shareholder prior to payment in full of the agreed consideration
     for the shares of a shareholder who has acquired his shares by
     subscription may be denied or limited as provided in the
     subscription agreement. Any such denial or limitation of rights
     shall be noted conspicuously on the face or back of the share
     certificate, if any, or in the notice provided by section
     1528(f) (relating to uncertificated shares). Unless so noted,
     such denial or limitation (even though permitted by this
     section) shall be ineffective except against a person with
     actual knowledge of the denial or limitation.
        (e)  Transitional provision.--A corporation may enforce calls
     on partly paid shares outstanding on September 30, 1989, in the
     same manner and to the same extent as if this subpart had not
     been enacted.
     (Dec. 19, 1990, P.L.834, No.198, eff. imd.; Dec. 18, 1992,
     P.L.1333, No.169, eff. 60 days)

        1992 Amendment.  Act 169 amended subsec. (a).
        1990 Amendment.  Act 198 amended subsecs. (a), (c) and (e).
        Cross References.  Section 1524 is referred to in sections
     1106, 1528 of this title.

Last modified: November 27, 2007