SEC. 79-5-11. Charter of incorporation; capital stock.
The charter of incorporation shall set forth the amount of total authorized capital stock and the number of shares in which it is divided, the par value of each share, if any, and the amount of capital stock with which it will commence business; provided, however, the minimum capital stock with which the corporation may commence business shall not be less than one hundred thousand dollars ($100,000.00). The charter may also contain any provision not inconsistent with the laws of the state for the regulation of the affairs of the corporation or creating, defining, limiting, and regulating its powers.
SOURCES: Codes, 1942, Sec. 5390-06; Laws, 1960, ch. 186, Sec. 6; 1968, ch. 278, Sec. 1, eff from and after passage (approved August 7, 1968).