§ 26-1317. Capital stock--Calls; sale on failure to pay money subscribed.

Current through October 23, 2012

It shall be lawful for such company to call for and demand from the stockholders, respectively, all sums of money by them subscribed, at such time and in such proportions as its board of directors shall deem proper, within the time specified in § 26-1316, and it may enforce payment by all remedies provided by law; and if any stockholder shall refuse or neglect to pay any instalment, as required by a resolution of the board of directors, after 30 days notice of the same, the said board of directors may sell at public auction to the highest bidder so many shares of said stock as shall pay said installment, under such general regulations as may be adopted in the bylaws of said company, and the highest bidder shall be taken to be the person who offers to purchase the least number of shares for the assessment due.

                
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(Mar. 3, 1901, 31 Stat. 1306, ch. 854, § 729; June 20, 1938, 52 Stat. 780, ch. 527; Sept. 10, 1985, D.C. Law 6-34, § 2, 32 DCR 3776; Mar. 12, 1986, D.C. Law 6-91, § 2, 33 DCR 310.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 26-417.

1973 Ed., § 26-317.

Legislative History of Laws

Law 6-34, the "District of Columbia Trust, Loan, Mortgage, Safe Deposit and Title Corporations Act Amendment Temporary Act of 1985," was introduced in Council and assigned Bill No. 6-241, which was retained by CounciL. The Bill was adopted on first and second readings on May 28, 1985, and June 11, 1985, respectively. Signed by the Mayor on June 14, 1985, it was assigned Act No. 6- 49 and transmitted to both Houses of Congress for its review.

Law 6-91, the "District of Columbia Trust, Loan, Mortgage, Safe Deposit and Title Corporations Act of 1985," was introduced in Council and assigned Bill No. 6-242, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on December 3, 1985, and December 17, 1985, respectively: Signed by the Mayor on December 30, 1985, it was assigned Act No. 6-119 and transmitted to both Houses of Congress for its review.