New Mexico § 63-1-19 - Calls for installment payment of subscriptions; notice of assessment; publication; form; default; suit or sale of shares

§ 63-1-19. Calls for installment payment of subscriptions; notice of assessment; publication; form; default; suit or sale of shares

The directors may call in and demand from the stockholders the sums by them subscribed,

in installments of not more than ten percent per month: provided, that if the whole

capital stock has not been paid in, and the corporation is unable to meet its liabilities,

or to satisfy the claims of its creditors, the assessment may be for the full amount

unpaid; or if a less amount is sufficient, then it may be for such a percentage as

will raise that amount. Notice of each assessment shall be given to the stockholders personally, or shall

be published once a week for at least four weeks in a newspaper published at the place

designated as the principal place of business of the corporation, or if none be published

there, in some newspaper nearest to such place, which notice shall be substantially

in the following form: Notice is hereby given that an assessment of ․․․․․․․․․․ dollars per share on the capital stock of ․․․․․․․․․․ corporation is due and payable at the office of the corporation in ․․․․․․․․․․ (and at such other places as the directors may designate, naming them), within thirty

days from date. All stockholders are requested to make payment on or before that time, or such assessments

will be promptly collected in the manner prescribed by law, and the bylaws of said

corporation. (Signed) Secretary. If after such notice shall have been given, any stockholder shall make default in

the payment of the assessment upon the shares held by him, the same may be collected

by suit in any court of competent jurisdiction, in the name of the corporation; or

so many of such shares may be sold as may be necessary for the payment of the assessment

on all the shares held by him. The sale of said shares shall be made as prescribed in the bylaws of the corporation:

provided, that no sale shall be made except at public auction, to the highest bidder;

and at such sale the person who will agree to pay the assessment so due, together

with the expenses of advertisement and all other expenses of the sale, for the smallest

number of whole shares, shall be deemed to be the highest bidder. All stock shall be liable to such sale, and all stockholders shall be liable to

recovery by action at law, as aforesaid.