The London County Council, according to the statement of its comptroller, was disturbed by the hope expressed by the manager of the company, that the holders of the company's ordinary shares would obtain the par value of their shares in 1911.
Every stockholder in a bank is made individually liable to the amount of his stock at its par value in addition to the said stock.
These proposals were acted upon: the Bank of Japan was established, and the right of issuing convertible notes given to it; and within three years of the initiation of these financial reforms, the paper currency, largely reduced in quantity, was restored to its full par value with silver, and the currency as a whole placed on a solvent basis.
Being the par value of the milreis) to a minimum of 58 pence.
In the case of all quasi-public corporations rigid laws exist prohibiting the issue of stock or bonds unless the par value is first paid in; prohibiting the declaration of any stock or scrip dividend, and requiring that new stock shall be offered to stockholders at not less than its market value, to be determined by the proper state officials, any shares not so subscribed for to be sold by public auction.
The milreis, 1000 reis of the par value of 4s.