(610 ILCS 5/13) (from Ch. 114, par. 13)
Sec. 13.
The directors of such corporation may require the
subscribers to the capital stock of such corporation to pay the amount
by them respectively subscribed, in such manner and in such installments
as they may deem proper. If any stockholder shall neglect to pay any
installment as required by a resolution or order of such board of
directors, the said board shall be authorized to declare such stock and
all previous payments thereon forfeited for the use of the corporation;
but the said board of directors shall not declare such stock so
forfeited until they shall have caused a notice in writing to be served
on such stockholder personally, or by depositing the same in a post
office, properly directed to the post office address of such
stockholder, or if he be dead, to his legal representatives, with
necessary postage for its transmittal properly prepaid, stating therein
that in accordance with such resolution, or order, he is requested to
make such payment, at a time and place and in the manner to be specified
in such notice, and that if he fails to make the same in the manner
requested, his stock and all previous payments thereon will be forfeited
for the use of such corporation; and thereafter such corporation, should
default in payment be made, may sell the same and issue new certificates
of stock therefor: Provided, that the notice aforesaid shall be
personally served or duly deposited, as above required, at least sixty
days previous to the day on which such payment is required to be made.
(Source: Laws 1871, p. 625.)
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