§ 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.

HISTORY: An. Code 1957, art. 23, § 23, 24; 1975, ch. 311, § 2.