The directors may:
- (1) Appoint all necessary officers and employees of the corporation, fix their compensation and take security for the faithful discharge of their respective duties;
- (2) Prescribe the manner of paying for the stock of the corporation and the transfer thereof; and
- (3) Prescribe from time to time such penalties for the nonpayment of subscriptions to the capital stock of the corporation as they may deem proper.
HISTORY: 1962 Code SECTION 8-134; 1952 Code SECTION 8-134; 1942 Code SECTION 7845; 1932 Code SECTION 7874; Civ. C. '22 SECTION 4001; Civ. C. '12 SECTION 2663; Civ. C. '02 SECTION 1778; R. S. 1541; 1885 (19) 214.