Par value of capital stock; payment for and issuance thereof; increase and reduction in such stock.

Checkout our iOS App for a better way to browser and research.

The capital stock shall be divided into shares of a stated par value. No business shall be transacted by the corporation until the whole amount of its capital stock is subscribed for and actually paid in cash. No stock shall be issued by any corporation until the par value thereof shall be fully paid in cash. Any corporation may, subject to the approval of the State Bank Commissioner, increase or reduce its capital stock in the manner hereinafter provided.


Download our app to see the most-to-date content.