§ 70 — Increase of stated capital

Section 70. A company which shall increase its stated capital by issue of additional shares of any class of its capital stock, whether by way of a stock dividend under section seventy-two, an offering to its shareholders or otherwise, may submit to the commissioner a certificate setting forth the proceedings thereof and the amount of such increase, signed and sworn to by its president and secretary and a majority of its directors. If the commissioner finds that the increase is made in conformity to law, he shall endorse his approval thereon; the company may thereafter transact business upon the capital as increased, and the commissioner shall, upon payment of the fee prescribed by section fourteen, issue his certificate to that effect. For purposes of this section and section seventy-one a company's stated capital means its capital stock actually paid in any such amount of its actual net surplus as has been added to capital.