§ 308. Capital and shares. The total number of shares which the
corporation may issue is forty thousand, all without par value. The
consideration for which such shares may be issued is one hundred dollars
per share in cash. The capital of the corporation shall be at least
equal to the consideration received by the corporation from the issuance
of its shares plus such amounts as, from time to time, by resolution of
the board of directors may be transferred thereto. At least two and
one-half per centum of the authorized shares shall be issued and paid
for before the corporation shall be authorized to transact any business
other than such as relates to its organization.