Section 450.1306 - Subscription for shares; payment; call; security interest(1) Unless otherwise provided in the subscription agreement: (a) A subscription for shares made before or after organization of a corporation shall be paid in full at the time, or in installments and at the times, as shall be determined by the board.(b) A call made by the board for payment on subscriptions shall be ratable as to all shares of the same class or as to all shares of the same series.(c) A corporation may retain a security interest in any shares as security for performance by the subscriber of his or her obligations under a subscription agreement and subject to the power of sale or rescission upon default provided in section 307.1972, Act 284, eff. 1/1/1973 ;--Am. 1989, Act 121, eff. 10/1/1989 .