49-30-21. Failure to pay for stock--Collection by directors--Forfeiture of previous payments.
The directors may require any amounts unpaid upon the capital stock to be paid in such manner and in such installments as they deem proper. If any stockholder shall neglect to pay any installment as required by a resolution of the board, and the board shall have caused a notice in writing to be served on him personally or by depositing the same in the post office, postage paid, properly directed to him at the post office nearest his usual place of residence at least sixty days previous to the day on which such payment is required to be made, stating that he is required to make such payment at the time and place in such notice specified, and if he fails so to do his stock and all previous payments thereon will be forfeited for the use of the corporation, such board may declare such stock and previous payments forfeited, and they shall be forfeited accordingly to the use of the corporation, or such board may in any case enforce payment by action at law.
Source: SDC 1939, ยง52.1307.
Structure South Dakota Codified Laws
Title 49 - Public Utilities and Carriers
Chapter 30 - Telephone And Telegraph Corporations
Section 49-30-2 - Affidavit of directors--Contents of affidavit--Filing with secretary of state.
Section 49-30-3 - Certificate of incorporation--Name of corporation--Powers.
Section 49-30-4 - Powers of corporation--Survey for proposed pole line--Entry upon property.
Section 49-30-5 - Powers of corporation--Holding property for accessory facilities.
Section 49-30-7 - Powers of corporation--Construction along waters and highways.
Section 49-30-8 - Powers of corporation--Connection with preexisting lines--Expense of connection.
Section 49-30-9 - Powers of corporation--Transmission of messages.
Section 49-30-10 - Powers of corporation--Accessory facilities.
Section 49-30-11 - Powers of corporation--Rules and regulations for transmission of messages.
Section 49-30-12 - Powers of corporation--Condemnation of real property.
Section 49-30-13 - Board of directors--Election--Terms of office--Director as stockholder.
Section 49-30-14 - Voting for directors--Filling vacancies.
Section 49-30-15 - Meeting for election of directors--Notice of meeting--Waiver of notice.
Section 49-30-17 - Notice to stockholders--Notice by mail.
Section 49-30-18 - Exhibition of corporate books and records.
Section 49-30-19 - Officers of corporation--Appointment by directors.
Section 49-30-20 - Subscriptions for capital stock.
Section 49-30-23 - Transfer of stock--Stock deemed personal property.
Section 49-30-24 - Liability of stockholders--Stock held by fiduciary or as collateral security.