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98 CORPORATIONS. [ART. XXIII
Capital Stock.
1904, art. 23, sec. 408. 1888, art. 23, sec. 294. 3868, ch 471, sec. 219.
1880, ch. 474. 1908, ch. 240, sec. 34. 1916. ch. 596, sec. 34.
34. Every corporation may create two or more classes of stock with
such preferences, voting powers, restrictions and qualifications thereof,
not inconsistent with law as shall be expressed in its charter. It may
be provided that the holders of a certain class or certain classes of stock
shall receive and that the corporation shall be bound to pay fixed annual
dividends thereon, to be expressed in the charter, payable quarterly,
half yearly or yearly, before any dividend shall be set apart for. or
paid to the holders of some other class or classes of stock, and such
dividends may be made cumulative; any class or classes of stock may
be preferred as to its or their distributive share or shares of the assets
of the corporation upon dissolution; but, in case of insolvency, the debts
and other liabilities of the corporation shall be paid before any pay-
ment or distribution is made to the holders of any class of stock; and
stock preferred as to dividends or having a preference as to its dis-
tributive share of the assets of the corporation upon dissolution may be
made subject to redemption at not less than par at such times and
prices as may be determined in such charter; stock so redeemed shall
have the status of authorized but unissued stock of the corporation.
Nothing in the laws of this State shall be so construed as to limit
the dividend on any class of stock to six per cent, per annum if a
greater or less dividend be provided to be paid on such stock.
See notes to section 10.
See notes to this section in volumes 1 and 3 of the Annotated Code.
1916, ch. 596, sec. 34A.
34A. Any corporation of this State, heretofore or hereafter incor-
porated, except a banking, safe deposit, trust or loan corporation, may,
if so provided in its charter, issue shares of stock, other than stock pre-
ferred as to dividends which is subject to redemption or stock preferred
as to its distributive share of the assets of the corporation upon disso-
lution, without, any nominal or par value. In any case in which the
law requires that the par value of the shares of a corporation be stated
in a certificate of incorporation, articles of amendment, agreement of
consolidation or in any other paper, it shall be stated, in respect of
such shares, that such shares are without par value, and when the
amount of such stock authorized is required to be stated, the number
of shares thereof shall be stated and it shall also be stated that such
shares are without par value. For the purpose of the bonus tax and
annual franchise tax .imposed by the laws of this State, but for no other
purpose, such shares shall be presumed to be of the par value of one
hundred dollars each. For the purpose of any rule of law or of any
statutory provision (except as in this Section otherwise provided) relat-
ing to the amount of such stock issued, the amount of such stock issued
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