Okla. Stat. tit. 18, § 18-1045
This is the official text of Okla. Stat. tit. 18, § 18-1045, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Failure to Pay for Stock - Remedies
Official statutory text
FAILURE TO PAY FOR STOCK; REMEDIES
When any shareholder fails to pay any installment or call upon
his stock which may have been properly demanded by the directors, at
the time when such payment is due, the directors may collect the
amount of any such installment or call or any balance thereof
remaining unpaid, from the said shareholder by an action at law, or
they shall sell at public sale such part of the shares of such
delinquent shareholder as will pay all demands then due from him
with interest and all incidental expenses, and shall transfer the
shares so sold to the purchaser, who shall be entitled to a
certificate therefor. Notice of the time and place of such sale and
of the sum due on each share shall be given by advertisement at
least one (1) week before the sale, in a newspaper of the county in
this state where such corporation's registered office is located,
and such notice shall be mailed by the corporation to such
delinquent shareholder at his last-known post office address, at
least twenty (20) days before such sale. If no bidder can be had to
pay the amount due on the stock, and if the amount is not collected
by an action at law, which may be brought within the county where
the corporation has its registered office, within one (1) year from
the date of the bringing of such action at law, said stock and the
amount previously paid in by the delinquent shareholder on the stock
shall be forfeited to the corporation.
When any shareholder fails to pay any installment or call upon
his stock which may have been properly demanded by the directors, at
the time when such payment is due, the directors may collect the
amount of any such installment or call or any balance thereof
remaining unpaid, from the said shareholder by an action at law, or
they shall sell at public sale such part of the shares of such
delinquent shareholder as will pay all demands then due from him
with interest and all incidental expenses, and shall transfer the
shares so sold to the purchaser, who shall be entitled to a
certificate therefor. Notice of the time and place of such sale and
of the sum due on each share shall be given by advertisement at
least one (1) week before the sale, in a newspaper of the county in
this state where such corporation's registered office is located,
and such notice shall be mailed by the corporation to such
delinquent shareholder at his last-known post office address, at
least twenty (20) days before such sale. If no bidder can be had to
pay the amount due on the stock, and if the amount is not collected
by an action at law, which may be brought within the county where
the corporation has its registered office, within one (1) year from
the date of the bringing of such action at law, said stock and the
amount previously paid in by the delinquent shareholder on the stock
shall be forfeited to the corporation.
Status: in_force · Read it on the official government site
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