The directors may require any amounts unpaid upon the capital stock to be paid in such manner and in such installments as they deem proper. If any stockholder shall neglect to pay any installment as required by a resolution of the board, and the board shall have caused a notice in writing to be served on him personally or by depositing the same in the post office, postage paid, properly directed to him at the post office nearest his usual place of residence at least sixty days previous to the day on which such payment is required to be made, stating that he is required to make such payment at the time and place in such notice specified, and if he fails so to do his stock and all previous payments thereon will be forfeited for the use of the corporation, such board may declare such stock and previous payments forfeited, and they shall be forfeited accordingly to the use of the corporation, or such board may in any case enforce payment by action at law.

Source: SDC 1939, § 52.1307.