49-33-20. Failure to pay for subscription--Collection by directors--Forfeiture of amounts previously paid.
The directors may require any amounts unpaid upon the capital stock to be paid in such manner, at such times and in such installments as they may deem proper. If any stockholder shall neglect to pay any installment of such capital stock as required by a resolution of the board of directors and such board shall have caused a notice to be served upon such stockholder personally, or by depositing the same in the post office directed to such stockholder at his usual and nearest post-office address at least thirty days before 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 specified in such notice and that, if he fails to do so, such stock and all payments previously made thereon will be forfeited to the use of the corporation, such board of directors may, by resolution, declare such stock and all payments forfeited for the use of the corporation and the same shall thereupon be forfeited and the title thereto shall revest in the corporation, or such board may, at its option, enforce payment of the installments due on such shares of the capital stock in the manner provided by law.
Source: SDC 1939, ยง52.1506.
Structure South Dakota Codified Laws
Title 49 - Public Utilities and Carriers
Chapter 33 - Electric, Street Railway And Gas Corporations
Section 49-33-2 - Provisions applicable to gas companies.
Section 49-33-4 - Certificate of incorporation--Corporate name--Rights conferred by certificate.
Section 49-33-5 - Powers of corporation--Operation of business.
Section 49-33-5.1 - Powers of corporation--Business corporation powers.
Section 49-33-6 - Powers of corporation--Survey of proposed route--Entry upon property.
Section 49-33-8 - Powers of corporation--Holding property.
Section 49-33-9 - Powers of corporation--Purchase of property--Disposition of unneeded property.
Section 49-33-12 - Powers of corporation--Rules and regulations--Rates--Discrimination prohibited.
Section 49-33-13 - Powers of corporation--Extraterritorial powers.
Section 49-33-14 - Board of directors--Election and term of office--Voting for directors--Vacancies.
Section 49-33-14.1 - Bylaws--Adoption, amendment or repeal by board.
Section 49-33-14.2 - Annual and special meetings of stockholders--Quorum--Notice.
Section 49-33-15 - Director as stockholder--Minimum stock ownership.
Section 49-33-17 - Officers of corporation.
Section 49-33-19 - Capital stock subscription.
Section 49-33-21 - Transfer of stock--Stock deemed personal property.
Section 49-33-23 - Issuance of preferred stock.
Section 49-33-24 - Series of preferred stock--Characteristics of stock--Dividends--Voting powers.
Section 49-33-25 - Certificate of issuance of preferred stock--Filing with secretary of state.
Section 49-33-26 - Increasing or decreasing preferred stock--Resolution of directors.
Section 49-33-27 - Liability of stockholders--Stock held by fiduciary or as collateral security.
Section 49-33-28 - Holding of stock in other corporations.
Section 49-33-30 - Consolidation or merger with other corporations--Approval of plan.
Section 49-33-31 - Articles of incorporation requiring greater vote control.