17-6414. Failure to pay for stock; remedies.
17-6414
17-6414. Failure to pay for stock; remedies.
When any stockholder fails to pay any installment or call upon
the stockholder's stock
which may have been properly demanded by the directors, at the time when
such payment is due, the directors may collect the amount of any such
installment or call, or any balance thereof remaining unpaid, from the
stockholder by an action at law, or they shall sell at public sale such
part of the shares of such delinquent stockholder as will pay all demands
then due from the stockholder with interest and all incidental
expenses, and shall
transfer the shares so sold to the purchaser, who shall be entitled to a
certificate for any of the shares which are certificated.
Notice of the time and place of such sale and of the
sum due on each share shall be given at least one week before the sale
by advertisement in a newspaper having general circulation in the county of
this state where such corporation's registered office is located, and such
notice shall be mailed by the corporation to such delinquent stockholder
at the stockholder's last known post office address, at least 20
days before such
sale. If no bidder can be had to pay the amount due on the stock, and if
the amount is not collected by an action at law, which may be brought
within the county where the corporation has its registered office, within
one year from the date of the bringing of such action at law, the
stock and the amount previously paid in by the delinquent stockholder on
the stock shall be forfeited to the corporation.
History: L. 1972, ch. 52, § 41;
L. 1986, ch. 399, § 7; July 1.