Interest on Unpaid Subscriptions. Issue of Certificates

Votes. Subscribers for stock shall pay to the corporation quarterly, on all unpaid subscriptions, interest from the date of subscription at the rate of COL021307 CH. 3 CORPORATE S TOCK six

(6)percentum per annum unless otherwise provided in the bylaws. No certificate of stock shall be issued to a subscriber as fully paid up until the full par value thereof has been paid by him to the corporation. Subscribed shares not fully paid up shall not be voted, and shares which have been pledged to the corporation as security for the payment of debt shall not be voted; provided, that shares paid for by note or other evidence of indebtedness shall not be considered fully paid up.