1. (a) Except as provided in subsection (b), the capital stock of a corporation incorporated under this chapter may not exceed five hundred thousand dollars ($500,000).

2. (b) The capital stock of a corporation incorporated under this chapter may be increased by the vote of the stockholders at:

   1. (1) an annual meeting of the stockholders; or

   2. (2) a meeting called especially to increase the capital stock;

      to an amount not exceeding one million dollars ($1,000,000).

      [Pre-2008 Recodification Citation: 15-1-2-7.]

As added by P.L.2-2008, SEC.5.