1. The board of directors shall have the power to accept or reject subscriptions for shares whether made before or after the organization of the corporation.

2. Unless otherwise provided in the subscription agreement, subscriptions for shares whether made before or after the organization of a corporation shall be paid in full at such time or in such installments and at such times as shall be determined by the board of directors. Any call made by the board of directors for payment on subscriptions shall be uniform as to all shares of the same class or as to all shares of the same series as the case may be. In case of default in payment of any installment or call when such payment is due, the corporation may proceed to collect the amount due in the same manner as any debt due the corporation. The bylaws may provide penalties for failure to pay installments or calls that may become due, but no penalty working a forfeiture of his right to receive the shares or of the amounts paid thereon shall be declared by the board of directors against any shareholder until they shall have caused a notice in writing to be served on the shareholder personally, or by depositing the same in the United States mail addressed to the shareholder at his address as it appears on the records of the corporation with postage thereon prepaid, stating that he is required to make such payment at the time and place specified in said notice, and setting forth the nature and extent of the forfeiture which may result if he fails to make such payment, which notice must be served as aforesaid at least sixty days previous to the day on which such payment is required to be made to avoid such forfeiture.