All subscriptions to the capital stock of any corporation organized under this chapter shall be payable in money or in labor or in property at its money value. The labor or the property, or the value thereof, shall be named in the list of subscription, to be approved by the board of incorporators. In the case of a failure to perform the labor or to deliver the property subscribed according to the terms of subscription, or pay the true money value thereof, the board of incorporators, in behalf of the corporation, or the corporation itself after it shall have been organized, shall have a cause of action against such subscribers as in case of other subscriptions to the capital stock of corporations as provided by law.
HISTORY: 1962 Code Section 58-656; 1952 Code Section 58-656; 1942 Code Section 8181; 1932 Code Section 8181; Civ. C. '22 Section 4361; Civ. C. '12 Section 2875; Civ. C. '02 Section 1919; 1899 (23) 64.