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The number of shares of stock a corporation may issue is stated in the articles of incorporation. Shares can be issued with or without par. A par value does not reflect the true value of the stock, it is merely an arbitrary monetary figure. The par value of a stock can be found on the stock certificate which also serves as evidence of ownership. Most states require that a stock be assigned a stated value. It is the responsibility of the board of directors to either assign a par or stated value to shares of stock.
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