Sec. 7-227. Valuation of capital paid in property.
Sec. 7-227. Valuation of capital paid in property. When any capital has been paid
in, in property instead of cash, the valuation placed upon such property, in estimating it
as paid-in capital, shall not be conclusive in estimating its value under the foregoing
provisions, but may be disputed by the municipality and, if shown to have been excessive, may be reduced by the authority fixing the price of the plant and property as
hereinafter provided. No municipality shall be obliged by the provisions of this section
to buy any apparatus or appliances covered by letters patent of the United States or
embodying a patentable invention, unless the complete right to use the same and all
other apparatus and appliances necessary for such use is assigned or granted to such
municipality at a cost as low as the cost of such right would be to the corporation whose
plant is purchased.
(1949 Rev., S. 724.)