No limited dividend housing company incorporated under this chapter shall issue stock, bonds, or income debentures, except for money, services, or property actually received for the use and lawful purpose of the corporation. No stock, bonds, or income debentures shall be issued for property or services except upon a valuation approved by the Department of Community Affairs; and such valuation shall be used in computing actual or estimated cost.

History.--s. 11, ch. 16028, 1933; CGL 1936 Supp. 4151(143); ss. 18, 35, ch. 69-106; s. 62, ch. 81-167; s. 65, ch. 83-55.