Section 308. Capital and shares

The  total  number of shares which the
  corporation may issue is forty thousand,  all  without  par  value.  The
  consideration for which such shares may be issued is one hundred dollars
  per  share  in  cash.  The  capital of the corporation shall be at least
  equal to the consideration received by the corporation from the issuance
  of its shares plus such amounts as, from time to time, by resolution  of
  the  board  of  directors  may  be transferred thereto. At least two and
  one-half per centum of the authorized shares shall be  issued  and  paid
  for  before the corporation shall be authorized to transact any business
  other than such as relates to its organization.