Pacific Coast Fisheries Corporation issued more than 5 percent of its public shares to Fujian Pelagic Fishery

Question:

Pacific Coast Fisheries issued more than 5 percent of its public shares to Fujian Pelagic Fishery Group Company under the laws of the state of Washington. Fujian did not pay cash for the shares, instead issuing to Pacific Coast a promissory note committing it to pay in the future in the form of merchandise. Has Fujian paid a proper consideration for the shares?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...