Powers as to stock.
Such corporation shall have power, in its certificate of incorporation or in its bylaws, to provide that its shares of stock may be issued in series; to limit the number of shares which each stockholder may be allowed to hold; to prescribe the entrance fee to be paid by each stockholder at the time of subscribing; and to regulate the instalments to be paid on each share and the times at which they shall be payable. It shall also have power to enforce the payment of all installments and other dues by such fines and forfeitures as its bylaws may from time to time provide.
Annotations
Mar. 3, 1901, 31 Stat. 1299, ch. 854, § 689 1973 Ed., § 26-402. 1981 Ed., § 26-502.
Sourced from the DC Council Open Law Library (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.