South Dakota § 49-33-20 Failure to pay for subscription--Collection by directors--Forfeiture of amounts previously paid.

South Dakota Statutes

§ 49-33-20 — Failure to pay for subscription--Collection by directors--Forfeiture of amounts previously paid.

South Dakota·Title 49 PUBLIC UTILITIES AND CARRIERS·Ch. 49-32A ELECTRIC, STREET RAILWAY AND GAS CORPORATIONS

The directors may require any amounts unpaid upon the capital stock to be paid in such manner, at such times and in such installments as they may deem proper. If any stockholder shall neglect to pay any installment of such capital stock as required by a resolution of the board of directors and such board shall have caused a notice to be served upon such stockholder personally, or by depositing the same in the post office directed to such stockholder at his usual and nearest post - office address at least thirty days before the day on which such payment is required to be made, stating that he is required to make such payment at the time and place specified in such notice and that, if he fails to do so, such stock and all payments previously made thereon will be forfeited to the use of the c

Free access — add to your briefcase to read the full text and ask questions with AI

The directors may require any amounts unpaid upon the capital stock to be paid in such manner, at such times and in such installments as they may deem proper. If any stockholder shall neglect to pay any installment of such capital stock as required by a resolution of the board of directors and such board shall have caused a notice to be served upon such stockholder personally, or by depositing the same in the post office directed to such stockholder at his usual and nearest post - office address at least thirty days before the day on which such payment is required to be made, stating that he is required to make such payment at the time and place specified in such notice and that, if he fails to do so, such stock and all payments previously made thereon will be forfeited to the use of the corporation, such board of directors may, by resolution, declare such stock and all payments forfeited for the use of the corporation and the same shall thereupon be forfeited and the title thereto shall revest in the corporation, or such board may, at its option, enforce payment of the installments due on such shares of the capital stock in the manner provided by law.

South Dakota § 49-33-20 (Failure to pay for subscription--Collection by directors--Forfeiture of amounts previously paid.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.