par value

par value. The value of an instrument or security as shown on its face; esp., the arbitrary dollar amount assigned to a stock share by the corporate charter, or the principal of a bond. — Often shortened to par.

— Also termed face amount; face value; nominal value; stated value. [Cases: Corporations 99(3). C.J.S. Corporations § 170.]

“At one time par value had considerable importance because it was widely viewed as the amount for which the shares would be issued: shares with a par value of one hundred dollars could be subscribed for at one hundred dollars per share with confidence that all other identical shares would also be issued for $100. This practice, however, long ago fell into disuse. Today, par value serves only a minor function and is in no way an indication of the price at which the shares are issued, with this one exception: The one basic rule about setting the price for shares of common stock with a par value is that the price must be equal to or greater than par value.” Robert W. Hamilton, The Law of Corporations in a Nutshell 109 (3d ed. 1991).

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