40-806. Call for installments on stock
subscriptions; notice; action to collect from defaulting
subscriber
The directors may make calls on stock subscriptions in installments of not more than
ten per cent per month, unless otherwise stipulated in the subscription. Notice of each
call shall be given the stockholders by mail, and shall be published once a week, for at
least four weeks, in a newspaper published at the principal place of business of the
corporation. If the subscriber defaults, action may be brought for collection of the
subscription called, or so much of the stock as will be necessary to pay the call and the
costs of sale may be sold at public auction in the manner provided in the by-laws.
|