Code of Virginia - Title 26 Fiduciaries Generally - Section 26-41 Other values used in computations instead of par value of stock

§ 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 is required to be used in a computation, there shall be used instead of such par value the liquidating value of such preference stock in the case of involuntary liquidation, as prescribed by the terms of its issue, in the event that such liquidating value shall be greater than the par value of such preference stock; or in the event that the preference stock in question has no par value, then such liquidating value shall be used instead; or when such preference stock shall be one of no par value and one for which no such liquidating value shall have been so prescribed, then for the purposes of such computation the preference stock in question shall be deemed to have a value of $100 per share.

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

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Last modified: April 16, 2009