Prerequisite for commencing business

No corporation organized under the provisions of this chapter shall commence business until at least twenty percent (20%) of its capital stock has been paid for in actual cash and a sworn statement to that effect has been filed with the Secretary of State, and his or her receipt for the statement shall be construed as a permit to do business. Acts 1921, No. 632, § 6; Pope's Dig., § 2267; A.S.A. 1947, § 64-1507. No corporation organized under the provisions of this chapter shall commence business until at least twenty percent (20%) of its capital stock has been paid for in actual cash and a sworn statement to that effect has been filed with the Secretary of State, and his or her receipt for the statement shall be construed as a permit to do business. Acts 1921, No. 632, § 6; Pope's Dig., § 2267; A.S.A. 1947, § 64-1507.