The declaration of charter shall state:

(a) the amount of total authorized capital stock and the number of shares in which it is divided;

(b) the par value of each share;

(c) the amount of capital stock with which the corporation will commence business;

(d) if there is more than one class of stock, a description of the different classes; and

(e) the names and post office addresses of the subscribers of stock and the number of shares subscribed by each. The aggregate of the subscription is the amount of capital with which the corporation will commence business. The declaration of charter may also contain any provision consistent with the laws of this State for the regulation of the affairs of the corporation or creating, defining, limiting, and regulating its powers. The declaration of charter must be in accordance with the provisions of Section 33-2-102.

HISTORY: 1962 Code Section 12-1122; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.

Code Commissioner's Note

The reference in subsection (e) to Section 33-37-30 was changed to Section 33-2-102 at the direction of the Code Commissioner to reflect the recodification by 1988 Act No. 444, Section 2.

Effect of Amendment

2015 Act No. 60, Section 1, in the introductory paragraph, substituted "state" for "set forth"; in (a) through (d), substituted semicolons for commas; in (e), substituted "post office" for "post-office", substituted "is the amount" for "shall be the amount", inserted a comma following "limiting", substituted "charter must be" for "charter shall be", and substituted "Section" for a section symbol.