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Gallagher Corporation issued 100,000 shares of $40 par value stock for $50 per share to various investors. Subsequently, Gallagher purchased back 10,000 of those shares for $30 per share and held them as treasury stock. When the price of the stock recovered somewhat, Gallagher sold this treasury stock to Thomas for $35 per share. Which of the following statements is correct? I. Gallagher’s purchase of the stock at below par value is illegal. II. Gallagher’s purchase of the stock at below par value is void as an ultra vires act. III. Gallagher’s resale of the treasury stock at below par value is valid.