17-6414.   Failure to pay for stock; remedies.When any stockholder fails to pay any installment or call uponthe stockholder's stockwhich may have been properly demanded by the directors, at the time whensuch payment is due, the directors may collect the amount of any suchinstallment or call, or any balance thereof remaining unpaid, from thestockholder by an action at law, or they shall sell at public sale suchpart of the shares of such delinquent stockholder as will pay all demandsthen due from the stockholder with interest and all incidentalexpenses, and shalltransfer the shares so sold to the purchaser, who shall be entitled to acertificate for any of the shares which are certificated.Notice of the time and place of such sale and of thesum due on each share shall be given at least one week before the saleby advertisement in a newspaper having general circulation in the county ofthis state where such corporation's registered office is located, and suchnotice shall be mailed by the corporation to such delinquent stockholderat the stockholder's last known post office address, at least 20days before suchsale. If no bidder can be had to pay the amount due on the stock, and ifthe amount is not collected by an action at law, which may be broughtwithin the county where the corporation has its registered office, withinone year from the date of the bringing of such action at law, thestock and the amount previously paid in by the delinquent stockholder onthe stock shall be forfeited to the corporation.

      History:   L. 1972, ch. 52, § 41;L. 1986, ch. 399, § 7; July 1.