9-907. Delinquent stockholders; public or private sale of stock.
9-907
9-907. Delinquent stockholders; public or private sale of stock.
Whenever any stockholder of a bank or trust company or an assignee of
such stockholder, fails to pay any assessment on such
stockholder's stock when the
same is required to be paid, the directors of such bank or trust company
may sell the stock of such delinquent stockholder, or so much thereof as
shall be necessary, to satisfy the assessment and any expenses incident
thereto,
within 120 days of the bank or trust company's receipt of impairment notice,
to any person paying the highest price therefor, which price shall
be not less than the amount due upon such stock with any expense incident
thereto, and such sale may be either public or private. If sold at private
sale and the price offered by any nonstockholder shall not exceed the
highest bid of any stockholder, then such stock shall be sold to the
stockholder. If such sale shall be public, then three weeks' notice thereof,
published in a newspaper of general circulation in the city or county where
the bank or trust company is located, shall be given. The excess, if any,
realized upon the sale of the stock shall be paid to the delinquent
stockholder unless such stockholder is further indebted
to the bank or trust
company then it may be retained by the bank or trust company as an offset.
If no purchaser can be found for such stock upon the terms herein stated
the stock shall be forfeited to the bank or trust company to be disposed of
within six months
from the date of the public or private sale
as the board of directors shall determine.
History: L. 1947, ch. 102, § 20;
L. 1987, ch. 54, § 4; May 7.