Find Laws Find Lawyers Free Legal Forms USA State Laws

WASHINGTON STATUTES AND CODES

23B.06.200 - Subscription for shares before incorporation.

Subscription for shares before incorporation.

(1) A written subscription for shares entered into before incorporation is irrevocable for six months unless the subscription agreement provides a longer or shorter period or all the subscribers agree to revocation.

     (2) The board of directors may determine the payment terms of subscriptions for shares that were entered into before incorporation, unless the subscription agreement specifies them. A call for payment by the board of directors must be uniform so far as practicable as to all shares of the same class or series, unless the subscription agreement specifies otherwise.

     (3) 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.

     (4) 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. Alternatively, unless the subscription agreement provides otherwise, the corporation may rescind the agreement and may sell the shares if the debt remains unpaid more than twenty days after the corporation sends written demand for payment to the subscriber.

     (5) A subscription agreement entered into after incorporation is a contract between the subscriber and the corporation subject to RCW 23B.06.210.

[1989 c 165 § 48.]

Washington Forms by Issue

Washington Court Forms
> Probate
Washington Tax Forms

Washington Law

Washington State Laws
    > Washington Child Support
    > Washington Gun Laws
    > Washington Statute
Washington Court
    > Washington Courts
    > Washington State Court Records
    > Washington State Courts
Washington Labor Laws
    > Washington State Jobs
    > Washington State Unemployment
Washington State
    > Washington County Jail
    > Washington State Parks
Washington Tax
    > Washington State Tax
Washington Agencies
    > Washington DMV
    > Washington Secretary of State
    > Washington State Department of Health
    > Washington State Department of Licensing
    > Washington State Department of Revenue
    > Washington State Department of Transportation
    > Washington State Patrol

Washington Court Map

Tips