SECTION 14. Conveyance of property in payment for stock

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A conveyance to an aqueduct company of real or personal property at a fair valuation shall be a sufficient payment of the capital stock to the extent of such value, if a description of such property and a statement of the value at which it has been taken in payment, in such detail as the state secretary shall require or approve, is included in the certificate mentioned in the preceding section, and a statement that he is satisfied that such valuation is fair and reasonable is endorsed by him upon such certificate.

                    
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