§ 77. Time of payment of subscription or capital contributions. 1.\nSubscriptions to the shares or income debentures of a housing company\norganized as a corporation shall be paid at such times and in such\ninstallments as the board of directors and the commissioner may require.\nIf any default shall be made in the payment of any installment as so\nrequired, the board of directors may enforce said subscription by\nappropriate action and upon their failure so to do said subscription may\nbe enforced by the commissioner. At the option of the board of directors\nwith the consent of the commissioner, the board of directors may upon\nsuch default declare the shares or income debentures and all previous\npayments thereon forfeited, after the expiration of twenty days from the\nservice on the
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§ 77. Time of payment of subscription or capital contributions. 1.\nSubscriptions to the shares or income debentures of a housing company\norganized as a corporation shall be paid at such times and in such\ninstallments as the board of directors and the commissioner may require.\nIf any default shall be made in the payment of any installment as so\nrequired, the board of directors may enforce said subscription by\nappropriate action and upon their failure so to do said subscription may\nbe enforced by the commissioner. At the option of the board of directors\nwith the consent of the commissioner, the board of directors may upon\nsuch default declare the shares or income debentures and all previous\npayments thereon forfeited, after the expiration of twenty days from the\nservice on the defaulting shareholder personally, or by mail directed to\nhim at his address as shown on the books of the housing company, of a\nwritten notice requiring him to make payment within twenty days from the\nservice of the notice at a place specified therein and stating that, in\ncase of failure to do so, his shares or income debentures and all\nprevious payments thereon will be forfeited. Such shares or income\ndebentures if forfeited may be reissued or reoffered for subscription.\nIf a receiver of the housing company has been appointed, all unpaid\nsubscriptions shall be paid at such times and in such installments as\nsuch receiver or the court may direct.\n 2. Capital contributions to a housing company organized as a\npartnership (general or limited) or a trust shall be paid at such times\nand in such installments as shall be provided by the partnership\nagreement or trust agreement. Such partnership agreement or trust\nagreement shall contain provisions for enforcement of the terms and\nconditions thereof by the partners or trustees, or upon their failure to\ndo so, by the commissioner, if any payment so required shall not be\nmade. If a receiver of the housing company has been appointed, all\nunpaid capital contributions shall be paid at such times and in such\ninstallments as such receiver or the court may direct.\n