Section 2-302 - Capital account.
§ 2-302. Capital account.
(a) Required records.- Each corporation shall keep its books in a manner which shows:
(1) The amount and nature of the money or other consideration it receives for the stock which it issues, including:
(i) The number of shares of stock of each class issued for the consideration; and
(ii) The stated capital attributable to the issued shares of stock of each class; and
(2) The amount and nature of the money or other consideration it receives for the convertible securities which it issues.
(b) How consideration allocated.- If stock with par value and stock without par value are issued together for a particular consideration, the amount by which the consideration exceeds the aggregate par value of the stock with par value constitutes the consideration received for the stock without par value.
[An. Code 1957, art. 23, §§ 23, 24; 1975, ch. 311, § 2.]