17-6413.   Payment for stock; rights of directors concerning stock notpaid in full.The capital stock of a corporation shall be paid for in such amounts andat such times as the directors may require. From time to time, thedirectors may demand payment, in respect of each share of stock not fullypaid, of such sum of money as the necessities of the business may require,in the judgment of the board of directors, not exceeding in the whole thebalance remaining unpaid on said stock, and such sum so demanded shall bepaid to the corporation at such times and by such installments as thedirectors shall direct. The directors shall give written notice of the timeand place of such payments to each holder of or subscriber for stock whichis not fully paid at his last known post-office address, which notice shallbe mailed at least thirty (30) days before the time for such payment.

      History:   L. 1972, ch. 52, § 40; July 1.