The par value of a company's shares (where allowed)may not be distributed as a dividend without the consent of the board of directors, while contributed capital may be.

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The par value of a company's shares represents the minimum legal capital per share that must be maintained and cannot be distributed as dividends. Contributed capital above the par value (additional paid-in capital) may be distributed as dividends, but both actions typically require the consent of the board of directors.

The Par Value of a Company's Shares (Where Allowed)may Not