26-41 - Other values used in computations instead of par value of stock. - Virginia Statutes

§ 26-41. Other values used in computations instead of par value of stock.

Whenever under the terms of § 26-40 the par value of a preference stock isrequired to be used in a computation, there shall be used instead of such parvalue the liquidating value of such preference stock in the case ofinvoluntary liquidation, as prescribed by the terms of its issue, in theevent that such liquidating value shall be greater than the par value of suchpreference stock; or in the event that the preference stock in question hasno par value, then such liquidating value shall be used instead; or when suchpreference stock shall be one of no par value and one for which no suchliquidating value shall have been so prescribed, then for the purposes ofsuch computation the preference stock in question shall be deemed to have avalue of $100 per share.

(Code 1919, § 5431; 1936, p. 180; 1942, p. 661.)