<?xml version='1.0' encoding='utf-8'?>
<section article="gca" article_name="Corporations and Associations" number="2-202" title_number="2" title_name="Corporations in General -- Formation, Organization, and Operation" subtitle_number="2" subtitle_name="Issuance of Securities">
  <level label="a">
    <text>A subscription for stock of a corporation which is not yet formed is irrevocable for a period of 3 months, unless:</text>
    <level label="1">
      <text>The subscription agreement provides otherwise; or</text>
    </level>
    <level label="2">
      <text>Every subscriber consents to the revocation of the subscription.</text>
    </level>
  </level>
  <level label="b">
    <text>Unless the subscription agreement provides otherwise, a subscription is not void or unenforceable solely because less than all of the authorized stock is subscribed for.</text>
  </level>
  <level label="c">
    <text>Unless the subscription agreement provides otherwise, a subscription for stock, whether made before or after the corporation is formed, shall be paid in full or in installments at the times set by the board of directors.</text>
  </level>
  <level label="d">
    <text>Unless the subscription agreement provides otherwise, a subscriber has no voting or other rights with respect to the stock subscribed for until the stock is issued and fully paid.</text>
  </level>
</section>
