If no-par stock is issued without a stated value, then

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Without a stated value, the entire proceeds of the stock issuance are considered to be legal capital. This is why no-par stock without a stated value is sometimes referred to as "full-paid" stock. Legal capital represents the minimum amount of capital that a corporation must maintain in order to protect its creditors. Therefore, even though there is no par value, the entire proceeds of the issuance are still considered to be available to protect the corporation's creditors.

If No-Par Stock Is Issued Without a Stated Value, Then