N.Y. BNK Law § 114

§ 114. Assessment of stockholders to make good impairment of capital\nstock; sale of stock.\n Whenever the superintendent shall have made requisition upon any bank\nor trust company pursuant to the provisions of article two of this\nchapter to make good the amount of an impairment of its capital stock,\nthe directors of the bank or trust company shall immediately give notice\nof such requisition to each stockholder and of the amount of the\nassessment which he must pay for the purpose of making good such\ndeficiency, by a written or printed notice mailed to such stockholder at\nhis last address appearing upon the records of the bank or trust\ncompany, or served personally upon him. If any stockholder shall refuse\nor neglect to pay the assessment specified in such notice within sixty\ndays from the date thereof, the directors of such bank or trust company\nshall have the right to sell to the highest bidder at public auction the\nstock of such stockholder, after giving previous notice of such sale\nonce a week for two successive weeks in a newspaper of general\ncirculation in the county where the principal office of such bank or\ntrust company is located; or such stock may be sold at private sale, and\nwithout such published notice, provided, however, that before making a\nprivate sale thereof an offer in writing to purchase such stock shall\nfirst be obtained, and a copy thereof served upon the owner of record of\nthe stock sought to be sold either personally or by mailing a copy of\nsuch offer to such owner at his last address appearing upon the records\nof the bank or trust company; and if, after service of such offer, such\nowner shall still refuse or neglect to pay such assessment within two\nweeks from the time of service of such offer, the said directors may\naccept such offer and sell such stock to the person or persons making\nsuch offer, or to any other person or persons making a larger offer than\nthe amount named in the offer submitted to such stockholder; but said\nstock shall in no event be sold for a smaller sum than the amount of the\nassessment called for and the necessary costs of sale. Out of the\navails of the stock sold the directors shall pay the necessary costs of\nsale and the amount of the assessment called for thereon. The balance,\nif any, shall be paid to the person or persons whose stock has been thus\nsold. A sale of stock as herein provided shall effect an absolute\ncancellation of the outstanding certificate or certificates evidencing\nthe stock so sold, and shall render the same null and void and a new\ncertificate or certificates shall be issued to the purchaser or\npurchasers of said stock.\n