Section 38
SEC. 38. The order of the board of directors declaring payable any unpaid subscriptions to the capital stock shall state what percentage of the unpaid subscription is due and payable, when, where, and to whom payable, the date of delinquency, which must be subsequent to the full term of publication of the notice of call for unpaid subscriptions and not less than thirty days nor more than sixty days from the date of the order of the board calling for the payment of unpaid subscriptions, and the date on which the delinquent stock will be sold, which must not be less than fifteen days nor more than sixty days from the date the stock becomes delinquent. Notice of the order declaring unpaid subscriptions to the capital stock due and payable shall be given by the secretary or clerk of the corporation substantially in the following form: ( Here insert name of corporation in full and location of principal office.) ................................................................... Notice is hereby given that at a meeting of the board of directors held on the (Here insert date.)................................ unpaid subscriptions to the capital stock of the corporation (or the percentage thereof declared due) were declared due and payable ( Here insert when, to whom, and where.) ................................................................ All stock upon which the subscript ion. with interest accrued, has not been paid on (Here insert date fixed for delinquency.) .............................................................................. will be delinquent and advertised for sale at public auction, and unless payment of the subscriptions, with interest and costs accrued, is made before sale of the stock, same will be sold on the (Here insert date fixed for sale.) .................................................................. to pay the amount of the subscription and accrued interest, together with the costs of advertising and expenses of sale. …........................................................................ (Here insert signature of secretary or clerk, …...................................................................... with location of office.)