17-5424.Same; restoration of stock when impaired; reduction; sale of
stock to satisfy assessment; forfeiture, when.
Whenever it shall appear that the guarantee stock of any association is
impaired, the commissioner shall notify such association to restore the
guarantee stock within ninety (90) days. Within fifteen (15) days after the
receipt of such notice, it shall be the duty of the board of directors of
such association to levy an assessment on the guarantee stock sufficient to
restore the same: Provided, That such association, with the approval
of the board, may reduce its guarantee stock to the extent of the
impairment, if such reduction will not reduce the guarantee stock below the
amount required by the savings and loan code, and acts amendatory thereof
or supplemental thereto. Whenever any guarantee stockholder of an
association, or his assignee, fails to pay any assessment on his stock when
the same is required to be paid, the directors of such association may sell
the guarantee stock of such delinquent stockholder, or so much thereof as
shall be necessary, to satisfy the assessment and any expenses incident
thereto, 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 non-stockholder 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 (3) weeks notice
thereof, published in a newspaper of general circulation in the city or
county where the association is located, shall be given. The excess, if
any, realized upon the sale of said stock shall be paid to the delinquent
stockholder, unless he is further indebted to the association, when it may
be retained by the association as an offset. If no purchaser can be found
for such stock upon the terms herein stated, the stock shall be forfeited
to the association to be disposed of within six (6) months thereafter as
the board of directors shall determine.
17-5424.Same; restoration of stock when impaired; reduction; sale of
stock to satisfy assessment; forfeiture, when.
Whenever it shall appear that the guarantee stock of any association is
impaired, the commissioner shall notify such association to restore the
guarantee stock within ninety (90) days. Within fifteen (15) days after the
receipt of such notice, it shall be the duty of the board of directors of
such association to levy an assessment on the guarantee stock sufficient to
restore the same: Provided, That such association, with the approval
of the board, may reduce its guarantee stock to the extent of the
impairment, if such reduction will not reduce the guarantee stock below the
amount required by the savings and loan code, and acts amendatory thereof
or supplemental thereto. Whenever any guarantee stockholder of an
association, or his assignee, fails to pay any assessment on his stock when
the same is required to be paid, the directors of such association may sell
the guarantee stock of such delinquent stockholder, or so much thereof as
shall be necessary, to satisfy the assessment and any expenses incident
thereto, 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 non-stockholder 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 (3) weeks notice
thereof, published in a newspaper of general circulation in the city or
county where the association is located, shall be given. The excess, if
any, realized upon the sale of said stock shall be paid to the delinquent
stockholder, unless he is further indebted to the association, when it may
be retained by the association as an offset. If no purchaser can be found
for such stock upon the terms herein stated, the stock shall be forfeited
to the association to be disposed of within six (6) months thereafter as
the board of directors shall determine.
17-5424.Same; restoration of stock when impaired; reduction; sale of
stock to satisfy assessment; forfeiture, when.
Whenever it shall appear that the guarantee stock of any association is
impaired, the commissioner shall notify such association to restore the
guarantee stock within ninety (90) days. Within fifteen (15) days after the
receipt of such notice, it shall be the duty of the board of directors of
such association to levy an assessment on the guarantee stock sufficient to
restore the same: Provided, That such association, with the approval
of the board, may reduce its guarantee stock to the extent of the
impairment, if such reduction will not reduce the guarantee stock below the
amount required by the savings and loan code, and acts amendatory thereof
or supplemental thereto. Whenever any guarantee stockholder of an
association, or his assignee, fails to pay any assessment on his stock when
the same is required to be paid, the directors of such association may sell
the guarantee stock of such delinquent stockholder, or so much thereof as
shall be necessary, to satisfy the assessment and any expenses incident
thereto, 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 non-stockholder 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 (3) weeks notice
thereof, published in a newspaper of general circulation in the city or
county where the association is located, shall be given. The excess, if
any, realized upon the sale of said stock shall be paid to the delinquent
stockholder, unless he is further indebted to the association, when it may
be retained by the association as an offset. If no purchaser can be found
for such stock upon the terms herein stated, the stock shall be forfeited
to the association to be disposed of within six (6) months thereafter as
the board of directors shall determine.