The shares of stock shall not be less than ten dollars nor more than one hundred dollars each and shall be deemed personal property and transferable as such in the manner provided by the bylaws. Subscriptions therefor shall be made payable in such installments and at such time as shall be determined by the directors, trustees, or other similar officers. The bylaws may provide for a forfeiture or sale of stock on failure to pay the installments or assessments that may from time to time become due; but no forfeiture of stock or of the amounts paid thereon shall be declared against any estate or stockholder before demand has been made for the amount due.
Source: L. 1879: p. 35, § 6. G.S. § 389. R.S. 08: § 1039. C.L. § 2405. CSA: C. 41, § 202. CRS 53: § 31-22-6. C.R.S. 1963: § 31-21-6.