The original authorized capital stock shall be divided into paid-in shares and callable shares.

初始法定股本分为实缴股本和待缴股本。

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The senior preferred shares will be callable at par after three years, under the Treasury program.

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The Laffer Shares would not be callable, although the federal government could, of course, go into the market and buy them back at any time, at market prices.

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The dividends on both new kinds of shares would be paid in perpetuity, and the securities would be non-callable (although the government could, of course, always go into the open market and buy them back).

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