Indiana Code Title 8. Utilities and Transportation § 8-4-1-9

Sec. 9. It shall be lawful for the directors to call in and demand from the stockholders, respectively, any sums of money by them subscribed, in such payments or instalments as the directors shall deem proper, under the penalty of forfeiting the shares of stock subscribed for and all previous payments made thereon if payment shall not be made by the stockholders within thirty (30) days after personal demand, or notice, requiring such payment, shall have been made in each county through which such road shall be laid out in which a newspaper shall be published:  Provided, That subscriptions shall not be required to be paid except in equal instalments of not more than ten (10) per cent a month.