9-907.   Delinquent stockholders; public or private sale of stock.Whenever any stockholder of a bank or trust company or an assignee ofsuch stockholder, fails to pay any assessment on suchstockholder's stock when thesame is required to be paid, the directors of such bank or trust companymay sell the stock of such delinquent stockholder, or so much thereof asshall be necessary, to satisfy the assessment and any expenses incidentthereto,within 120 days of the bank or trust company's receipt of impairment notice,to any person paying the highest price therefor, which price shallbe not less than the amount due upon such stock with any expense incidentthereto, and such sale may be either public or private. If sold at privatesale and the price offered by any nonstockholder shall not exceed thehighest bid of any stockholder, then such stock shall be sold to thestockholder. If such sale shall be public, then three weeks' notice thereof,published in a newspaper of general circulation in the city or county wherethe 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 delinquentstockholder unless such stockholder is further indebtedto the bank or trustcompany 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 statedthe stock shall be forfeited to the bank or trust company to be disposed ofwithin six monthsfrom the date of the public or private saleas the board of directors shall determine.

      History:   L. 1947, ch. 102, § 20;L. 1987, ch. 54, § 4; May 7.