Section 21. The directors may assess upon all the shares subscribed, but not paid in, such amounts, not in excess of their par value, as they think proper, and may direct the same to be paid to the treasurer, who shall give written notice thereof to the subscribers. If a subscriber fails to pay his assessment for thirty days after such notice, the directors may transfer the rights under such subscription to any person who subscribes for the same and pays the assessments due, or may order the treasurer, after giving notice of the sale, to sell such shares by public auction to the highest bidder, and, upon the payment by him to the company of the unpaid assessments, of interest to the date of sale and of the charges of the sale, the shares shall be transferred to him. If, within thirty days after the sale, the purchaser does not make said payment to the company, the sale shall be cancelled, and the subscriber shall be liable to the company for the unpaid assessments, the interest thereon, and the charges of sale. If the amount so paid by the purchaser to the company is more than the amount for which the shares were sold, the subscriber shall be liable to the purchaser for the deficiency; if it is less, the purchaser shall be liable to the subscriber for the surplus.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.