Any nonadvanced shareholder failing to pay the instalments due on his share and the fines due from him for such time as the bylaws shall determine, shall forfeit his stock, but may, on application, receive a return of the amount paid in on account of his stock, less the accrued fines.

History

Mar. 3, 1901, 31 Stat. 1300, ch. 854, § 698

Prior Codifications

1973 Ed., § 26-412.

1981 Ed., § 26-513.