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.
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