1. Stock Splits and Stock Dividends in No-par Stock.

2. When this " no-par " stock is issued, the entire issue price is credited to the Capital Stock account and is viewed as legal capital not subject to withdrawal.

3. In the case of common stocks of no-par value, a split-up or a stock dividend leads to exactly the same results, and to all practical purposes they are indistinguishable.

4. For no-par stock with a stated value, an appropriate title-for example, paid-in capital in excess of stated value- describes the difference.

5. The stock of a corporation may be either common or preferred and par or no-par.