Section 2-302 - Capital account. - Maryland Statutes

§ 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.]