Utah § 16-4-305 - Number of shares to be sold.
Full text of Utah Utah Code § 16-4-305 — Number of shares to be sold., with citation guidance and answers to common questions.
§ 16-4-305. Number of shares to be sold.
| (1) | On the day, at the time and place appointed for a sale under this part, the secretary or other officer shall sell at public auction to the highest bidder for cash the number of shares necessary to pay all amounts due on an overdue assessment. |
| (2) | Shares shall be sold in the smallest fraction as authorized in the articles of incorporation or the bylaws. |
| (3) | The public auction shall be conducted by open bid, sealed bid, or by other means provided in the articles of incorporation or bylaws that reasonably protects the delinquent shareholder's interest. |
| (4) | Proceeds of a sale in excess of the assessment and other amounts due shall be promptly paid to the shareholder whose shares were sold. |
Enacted by Chapter 367, 2007 General Session
Source: official Utah text · Last verified 2026-08-27
Frequently Asked Questions About Utah § 16-4-305
What does Utah Code § 16-4-305 cover?
Section 16-4-305 ("Number of shares to be sold.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 16-4-305?
A common citation format is "Utah Code § 16-4-305" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 16-4-305 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Utah.