§ 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.