Section 216. Capital stock

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The capital stock of such corporation shall be
  five hundred thousand shares of common  and  preferred  stock,  in  such
  amounts  as  shall  be  established  in  the  by-laws  by  the  board of
  directors,  with  the  preferred  stock  having  such  relative  rights,
  preferences  and  limitations  as shall be established in the by-laws by
  the board of directors.  At least a majority of  the  capital  stock  of
  such corporation shall at all times be held by residents of the state or
  by persons, firms or corporations engaged in doing business therein.

                    
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