No corporation shall pay dividends except in accordance with this chapter.

Dividends may be paid in cash, in property, or in shares of the corporation.

If the dividend is to be paid in theretofore unissued shares of the corporation, the board shall designate a corresponding amount of capital, which must not be less than the aggregate par value, if any, of the shares paid as dividends. Such designation is unnecessary if shares are being distributed by a corporation pursuant to a split-up or division of its stock rather than as a dividend paid in stock.