The board of directors may determine the payment terms of subscription for shares that were entered into before incorporation, unless the subscription agreement specifies them.
A subscription agreement entered into after incorporation is a contract between the subscriber and the corporation subject to section 6.21.
Shares issued pursuant to subscriptions entered into before incorporation are fully paid and nonassessable when the corporation receives the consideration specified in the subscription agreement.
If a subscriber defaults in payment of money or property under a subscription agreement entered into before incorporation, the corporation may collect the amount owed as any other debt.
