§ 308. Capital and shares. The total number of shares which the corporation may issue is forty thousand, all without par value. The consideration for which such shares may be issued is one hundred dollars per share in cash. The capital of the corporation shall be at least equal to the consideration received by the corporation from the issuance of its shares plus such amounts as, from time to time, by resolution of the board of directors may be transferred thereto. At least two and one-half per centum of the authorized shares shall be issued and paid for before the corporation shall be authorized to transact any business other than such as relates to its organization.