Okla. Stat. tit. 18, § 18-381.53c
This is the official text of Okla. Stat. tit. 18, § 18-381.53c, 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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Refusal or neglect to pay assessment - Sale of stock -
Official statutory text
Payment of assessment.
A. If any stockholder shall refuse or neglect to pay the
assessment specified in such notice within sixty (60) days from the
date of mailing, the directors of such association shall have the
right to sell to the highest bidder at public auction any part or
all of the stock necessary to pay the assessment of such
stockholder, after giving the notice of such sale for ten (10) days
in a newspaper of general circulation published in the county where
the main office of such association in this state is located, and a
copy of such notice of sale shall also be served on such stockholder
by mailing a copy of such notice to his last-known address ten (10)
days before the day fixed for such sale, or such stock may be sold
at a private sale and without public notice. However, before making
such private sale thereof, an offer in writing shall first be
obtained and a copy thereof served upon the owner of record of the
stock to be sold, by mailing a copy of such offer to the last-known
address of such owner, and if after service of such offer such owner
shall still refuse or neglect to pay such assessment within thirty
Oklahoma Statutes - Title 18. Corporations Page 58
(30) days from the time of the service of such offer, the directors
may accept such offer and sell such stock to the person making such
offer, or to any other person or persons making a larger offer than
the amount named in the offer submitted to the stockholder, but such
stock, in no event, shall be sold for less than the amount of such
assessment so called for and the expense of the sale.
B. Out of the proceeds of the stock so sold, the directors
shall pay the amount of assessment levied thereon and the necessary
cost of sale, and the balance, if any, shall be paid to the person
or persons whose stock has thus been sold. A sale of stock as
herein provided shall effect an absolute cancellation of the
outstanding certificate or certificates evidencing the stock so
sold, and shall make the same null and void and a new certificate
shall be issued by the association to the purchaser thereof.
A. If any stockholder shall refuse or neglect to pay the
assessment specified in such notice within sixty (60) days from the
date of mailing, the directors of such association shall have the
right to sell to the highest bidder at public auction any part or
all of the stock necessary to pay the assessment of such
stockholder, after giving the notice of such sale for ten (10) days
in a newspaper of general circulation published in the county where
the main office of such association in this state is located, and a
copy of such notice of sale shall also be served on such stockholder
by mailing a copy of such notice to his last-known address ten (10)
days before the day fixed for such sale, or such stock may be sold
at a private sale and without public notice. However, before making
such private sale thereof, an offer in writing shall first be
obtained and a copy thereof served upon the owner of record of the
stock to be sold, by mailing a copy of such offer to the last-known
address of such owner, and if after service of such offer such owner
shall still refuse or neglect to pay such assessment within thirty
Oklahoma Statutes - Title 18. Corporations Page 58
(30) days from the time of the service of such offer, the directors
may accept such offer and sell such stock to the person making such
offer, or to any other person or persons making a larger offer than
the amount named in the offer submitted to the stockholder, but such
stock, in no event, shall be sold for less than the amount of such
assessment so called for and the expense of the sale.
B. Out of the proceeds of the stock so sold, the directors
shall pay the amount of assessment levied thereon and the necessary
cost of sale, and the balance, if any, shall be paid to the person
or persons whose stock has thus been sold. A sale of stock as
herein provided shall effect an absolute cancellation of the
outstanding certificate or certificates evidencing the stock so
sold, and shall make the same null and void and a new certificate
shall be issued by the association to the purchaser thereof.
Status: in_force · Read it on the official government site
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