§ 2-202. Subscription for stock

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   (a) Revocability if corporation not yet formed. -- A subscription for stock of a corporation which is not yet formed is irrevocable for a period of 3 months, unless:

   (1) The subscription agreement provides otherwise; or

   (2) Every subscriber consents to the revocation of the subscription.

(b) Enforceability. -- Unless the subscription agreement provides otherwise, a subscription is not void or unenforceable solely because less than all of the authorized stock is subscribed for.

(c) Terms of payment. -- Unless the subscription agreement provides otherwise, a subscription for stock, whether made before or after the corporation is formed, shall be paid in full or in installments at the times set by the board of directors.

HISTORY: An. Code 1957, art. 23, § 19; 1975, ch. 311, § 2; 2008, ch. 292.

                    
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