3589

The capital stock of a corporation shall be paid in the amounts and on the dates the directors may require. The directors may, from time to time, demand payment with respect to each partially paid share of such sum of money which in the judgment of the directors may be required by the needs of the business, which shall not exceed the balance pending payment on such stock. The sum so demanded shall be paid to the corporation on such dates and in such installments as the directors shall set forth. The directors shall notify in writing the place and date of such payments and such notice shall be sent by mail not less than thirty (30) days prior to the date of such payment to the holders or subscribers of partially paid shares to their last known postal address.\nHistory —Dec. 16, 2009, No. 164, § 5.09.