666 ARTICLE 23.

stock issued may also be reduced in the manner and subject to the condi-
tions provided in said sections for the reduction of the par value of shares
of stock. All other provisions of law relating to stock having a par value,
so far as the same may be legally, necessarily or practicably applicable,
shall apply to and govern stock without par value.

40. The charter may provide that shares of stock of any class shall be
convertible into shares of stock, of any other class upon such terms and
conditions as may be therein stated, except that shares of stock without par
value shall not be convertible into shares of stock having a par value. For
the purpose of the bonus tax imposed by the laws of this State, the author-
ized amount of stock of any class which by the terms of such charter is
convertible into stock of another class shall be taken to be either the amount
of such stock authorized by such charter or the aggregate amount of the
stock into which such stock is convertible, whichever is the greater.

An. Code, sec. 35. 1904, secs. 69, 70. 1888, secs. 61, 62. 1868, ch. 471, secs. 56, 57.

1908, ch. 240, sec. 35. 1916, ch. 596, sec. 35. 1920, ch. 545, sec. 35.

1924, ch. 550, sec. 35.

41. Nothing in Sections 41 to 49, inclusive, of this Article shall be
taken or construed as limiting or affecting the liability of stockholders
in banking, safe deposit, trust and loan corporations.

(2) The term " consideration other than money " as used in said sections
includes a consideration partly in money.

(3) The term " convertible securities " as used in said sections shall
be taken to mean obligations of a corporation convertible into shares of
its stock.

(4) The authorization of the issuance of stock of any class which by the
terms of the charter is convertible into stock of another class shall consti-
tute the authorization of the issuance, in accordance with the terms of the
charter, of the stock into which such stock is convertible.

(5) The authorization of the issuance of convertible securities shall
constitute the authorization of the issuance, in accordance with the terms
of such convertible securities, of the stock into which they are convertible,
if and when such stock shall have been authorized by the charter.

(6) Nothing in this Article shall authorize the issuance of stock or
convertible securities for personal services to be rendered in the future.

(7) No corporation of this State shall issue shares of its stock or con-
vertible securities except pursuant to authorization of the issuance thereof
given in the manner provided in Section 42, Section 43, Section 44 or
Section 45 of this Article, which said sections shall be construed to be inde-
pendent and separate provisions, and in no case shall compliance with the
terms of more than one of said sections be required in connection with the
authorization of the issuance of any stock or convertible securities.

(8) If the issuance thereof shall have been authorized in the manner
provided in Section 43 or in the manner provided in Section 44 of this
Article, fully paid and non-assessable shares of stock having a par value or