What is required for the issuance of preferred shares according to the Corporation Code?

Preferred shares are a class of stock that typically provides shareholders with certain privileges over common stockholders, such as preferential treatment regarding dividends and assets in the event of liquidation. According to the Corporation Code, preferred shares must have a stated par value. This requirement ensures that there is a clear monetary value assigned to the shares, which is important for both the company's capital structure and the rights of shareholders.

Having a stated par value offers a measure of protection to preferred shareholders by guaranteeing a minimum distribution in terms of dividends and, if applicable, during liquidation events. This par value also plays a critical role in establishing the company's financial integrity and credibility when dealing with creditors and investors.

The other options reflect variations that either do not align with the legal framework concerning preferred shares or misinterpret the nature of share values. While it is possible for shares to have a stated value or even different classes of shares to have varying terms, the specific requirement laid out in the Corporation Code mandates that preferred shares must indeed have a stated par value to denote their worth formally within the capital structure of the issuing corporation.