Which statements are true regarding the par value per share of common stock?

Multiple select question.

It is an arbitrary value assigned when the corporation is organized.

It is a relic from the past, that for all practical purposes, has lost its significance.

It is often a nominal amount, such as $$1$ per share.

It is important to understand since the issuance of no$-$par value stock is prohibited by federal law.

It bears a close relationship to the market value per share of common stock.