Oklahoma § 18-1045

§ 18-1045.

Failure to Pay for Stock - Remedies.

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.

Added by Laws 1986, c. 292, § 45, eff. Nov. 1, 1986.