Question: Pacific Coast Fisheries Corporation issued more than 5 percent of
Pacific Coast Fisheries Corporation 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?
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