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Determination 37. (1) Upon issue by a corporation of shares with a par value
of stated capital. not in excess of the authorized shares, the consideration
received therefor shall constitute stated capital to the extent
of the par value of such shares, and the excess, if any, of
such consideration shall constitute surplus.
(2) Upon issue by a corporation of shares without
par value not in excess of the authorized shares, the entire
consideration received therefor shall constitute stated
capital unless the board within a period of sixty days after
issue allocates to surplus a portion, but not all, of the
consideration received for such shares. No such allocation
shall be made of any portion of the consideration received
for shares without par value having a preference in the
assets.of the corporation upon involuntary liquidation
except all or part of the amount, if any, of such
consideration in excess of such preference, nor shall such
allocation be made of any portion of the consideration for
the issue of shares without par value which is fixed by the
shareholders pursuant to a right reserved in the articles of
incorporation unless such allocation is authorized by vote
of the shareholders.
(3) The stated capital of a corporation may be
increased from time to time by resolution of the board of
directors transferring all or part of surplus of the
corporation to stated capital.