Code of the District of Columbia

§ 26–1317. Capital stock — Calls; sale on failure to pay money subscribed.

It shall be lawful for such company to call for and demand from the stockholders, respectively, all sums of money by them subscribed, at such time and in such proportions as its board of directors shall deem proper, within the time specified in § 26-1316, and it may enforce payment by all remedies provided by law; and if any stockholder shall refuse or neglect to pay any instalment, as required by a resolution of the board of directors, after 30 days notice of the same, the said board of directors may sell at public auction to the highest bidder so many shares of said stock as shall pay said installment, under such general regulations as may be adopted in the bylaws of said company, and the highest bidder shall be taken to be the person who offers to purchase the least number of shares for the assessment due.

(Mar. 3, 1901, 31 Stat. 1306, ch. 854, § 729; June 20, 1938, 52 Stat. 780, ch. 527; Sept. 10, 1985, D.C. Law 6-34, § 2, 32 DCR 3776; Mar. 12, 1986, D.C. Law 6-91, § 2, 33 DCR 310.)

Prior Codifications

1981 Ed., § 26-417.

1973 Ed., § 26-317.