Subscriptions for Stock. Unless otherwise provided for in the subscription agreement, subscriptions for shares 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. In case of default in the 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.
Subscriptions for Stock. At the Closing, the IBT shall issue to Cumberland, and Cumberland shall subscribe for, 225,000 shares of Common Stock at a price of $10 per share that shall be paid for from its cash assets and from funds it initially contributed into the escrow account described in Section 2.3 above. At the Closing, the IBT shall issue to INSCORP, and INSCORP shall subscribe for, 225,000 shares of Common Stock at a price of $10 per share, which shall be paid for from funds INSCORP initially contributed into the escrow account, as well as from the proceeds of its stock offering. The IBT shall deliver to each Party at the Closing a certificate or certificates registered in the name of such Party evidencing the shares of Common Stock subscribed for by such Party.
Subscriptions for Stock. At the Closing, the FSB shall issue to, and Cumberland shall subscribe for 10,000 shares of Common Stock (the "Cumberland Shares"), and the FSB shall issue to, and the Murrxx Xxxup shall subscribe for, 10,000 shares of Common Stock (the "Murrxx Xxxup Shares"). The FSB shall deliver to each Party at the Closing a certificate or certificates registered in the name of such Party evidencing the shares of Common Stock subscribed for by such Party.
