§53-28  Consideration for issuance of stocksand bonds.  No redevelopment corporation shall issue stock, bonds, orincome debenture certificates except for money or property actually receivedfor the use and lawful purposes of the redevelopment corporation.  No stock,bonds, or income debenture certificates shall be issued for property exceptupon a valuation approved by the redevelopment agency and the valuation shallbe used in computing actual or estimated cost. [L 1949, c 379, §11; RL 1955,§143-27; HRS §53-28]