Section 77. Time of payment of subscription or capital contributions

1.
  Subscriptions to the shares or income debentures of  a  housing  company
  organized  as  a  corporation  shall  be  paid at such times and in such
  installments as the board of directors and the commissioner may require.
  If any default shall be made in the payment of  any  installment  as  so
  required,  the  board  of  directors  may  enforce  said subscription by
  appropriate action and upon their failure so to do said subscription may
  be enforced by the commissioner. At the option of the board of directors
  with the consent of the commissioner, the board of  directors  may  upon
  such  default  declare  the shares or income debentures and all previous
  payments thereon forfeited, after the expiration of twenty days from the
  service on the defaulting shareholder personally, or by mail directed to
  him at his address as shown on the books of the housing  company,  of  a
  written notice requiring him to make payment within twenty days from the
  service  of the notice at a place specified therein and stating that, in
  case of failure to do so,  his  shares  or  income  debentures  and  all
  previous  payments  thereon  will  be  forfeited.  Such shares or income
  debentures if forfeited may be reissued or reoffered  for  subscription.
  If  a  receiver  of  the  housing company has been appointed, all unpaid
  subscriptions shall be paid at such times and in  such  installments  as
  such receiver or the court may direct.
    2.   Capital  contributions  to  a  housing  company  organized  as  a
  partnership (general or limited) or a trust shall be paid at such  times
  and  in  such  installments  as  shall  be  provided  by the partnership
  agreement or  trust  agreement.  Such  partnership  agreement  or  trust
  agreement  shall  contain  provisions  for  enforcement of the terms and
  conditions thereof by the partners or trustees, or upon their failure to
  do so, by the commissioner, if any payment  so  required  shall  not  be
  made.  If  a  receiver  of  the  housing company has been appointed, all
  unpaid capital contributions shall be paid at such  times  and  in  such
  installments as such receiver or the court may direct.