Nevada § 78.275 - Assessments on stock: Levy and collection; sale after default in payment

§ 78.275. Assessments on stock: Levy and collection; sale after default in payment

1. The directors may at such times and in such amount, as they may from time to time

deem the interest of the corporation to require, levy and collect assessments upon

the assessable stock of the corporation in the manner provided in this section. 2. Notice of each assessment must be given to the stockholders personally, or by publication

once a week for at least 4 weeks, in some newspaper published in the county in which

the principal office of the corporation is located or, if the principal office of

the corporation is not located in this State, in the county in which the corporation's

registered office is located, and in a newspaper published in the county wherein the

property of the corporation is situated if in this State. 3. If, after the notice has been given, any stockholder defaults in the payment of

the assessment upon the shares held by the stockholder, so many of those shares may

be sold as will be necessary for the payment of the assessment upon all the shares

held by the stockholder, together with all costs of advertising and expenses of sale. The sale of the shares must be made at the office of the corporation at public auction

to the highest bidder, after a notice thereof published for 4 weeks as directed in

this section, and a copy of the notice mailed to each delinquent stockholder if his

or her address is known 4 weeks before the sale. At the sale the person who offers to pay the assessment so due, together with the

expenses of advertising and sale, for the smallest number of shares, or portion of

a share, as the case may be, shall be deemed the highest bidder.