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

   1. (1) The subscription agreement provides otherwise; or
   2. (2) Every subscriber consents to the revocation of the subscription.
2. (b) 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.
3. (c) 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.
4. (d) Unless the subscription agreement provides otherwise, a subscriber has no voting or other rights with respect to the stock subscribed for until the stock is issued and fully paid.

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 2008, c. 292, § 1, eff. June 1, 2008; Acts 2015, c. 256, § 1, eff. Oct. 1, 2015.

Formerly Art. 23, § 19.