B.  Issuance
of Shares



 



[§414-81]  Subscription for shares before
incorporation.  (a)  A subscription for shares entered into before
incorporation is irrevocable for six months unless the subscription agreement
provides a longer or shorter period or all the subscribers agree to revocation.



(b)  The board of directors may determine the
payment terms of subscription for shares that were entered into before
incorporation, unless the subscription agreement specifies them.  A call for
payment by the board of directors must be uniform so far as practicable as to
all shares of the same class or series, unless the subscription agreement
specifies otherwise.



(c)  Shares issued pursuant to subscriptions
entered into before incorporation are fully paid and nonassessable when the
corporation receives the consideration specified in the subscription agreement.



(d)  If a subscriber defaults in payment of
money or property under a subscription agreement entered into before
incorporation, the corporation may collect the amount owed as any other debt. 
Alternatively, unless the subscription agreement provides otherwise, the
corporation may rescind the agreement and may sell the shares if the debt
remains unpaid for more than twenty days after the corporation sends written demand
for payment to the subscriber.



(e)  A subscription agreement entered into
after incorporation is a contract between the subscriber and the corporation
subject to section 414-82. [L 2000, c 244, pt of §1]