(1) A share shall not be issued until it is fully paid—
(a) in money; or
(b) in property or past service that is the fair equivalent of the money that the company would have received if the share had been issued for money.
(2) In determining whether property or past service is the fair equivalent of a money consideration, the directors may take into account reasonable charges and expenses of organisation and reorganisation, and payments for property and past services reasonably expected to benefit the company.
(3) For the purposes of this section, “property” does not include a promissory note or a promise to pay.