true value rule

true-value rule. The rule requiring that one who subscribes for and receives corporate stock must pay par value for it, in either money or its equivalent, so that a corporation’s real assets square with its books. • If true value is less than par value, the stock is deemed unpaid for to the full extent of the difference, and the affected shareholder is liable to creditors for the difference, notwithstanding the directors’ good faith. [Cases: Corporations 232.]

---

词条贡献者

译者妍妍，毕业于亚洲顶尖的高级翻译学院，擅长翻译各种与科技、媒体和电信（TMT）相关的法律文件。