40-806. Call for installments on stock subscriptions; notice; action to collect from defaulting subscriber The directors may make calls on stock subscriptions in installments of not more than ten per cent per month, unless otherwise stipulated in the subscription. Notice of each call shall be given the stockholders by mail, and shall be published once a week, for at least four weeks, in a newspaper published at the principal place of business of the corporation. If the subscriber defaults, action may be brought for collection of the subscription called, or so much of the stock as will be necessary to pay the call and the costs of sale may be sold at public auction in the manner provided in the by-laws.
Arizona Legal Code