Colombian Commercial Code - Decree 410 of 1971 - Book II - Of Corporations - Title VI - Company - Chapter II - Shares in the Company - Section III - Payment of Shares - Article 398
COLOMBIAN COMMERCIAL CODE Section III Payment of shares Article 398 .- When it is agreed that payment of the shares may be made in property other than money, valuation of such property must be approved by the Superintendency of Companies, upon request a copy of an appropriate record, which shall contain an inventory of such assets with its own appraisal properly grounded. If it is paid in kind shares subscribed in the act of incorporation, the valuation must be in a preliminary assembly of the founding shareholders and approved (unanimously) *. If it is subsequently subscribed shares, the appraisal will be made by the board or by the general assembly, as available to the statutes. The provisions of this Article shall not apply to the actions of industry, whose appraisal and payment shall be fixed in the statutes or the agreement of the assembly. * Modified. Act 222 of 1995, Section 68.