69-14-505. Procedure in case of delinquency in payment of installments. (1) If any installment of stock shall remain unpaid for 60 days after the time specified for payment thereof, whether such stock is held by the original subscriber or his assignee, trustee, or successor in interest, the directors may sell the stock so unpaid at public auction for the installment then due thereon, first giving 30 days' public notice of the time and place of sale in some newspaper of general circulation in this state and by written notice sent by mail within 5 days after default made to each stockholder who is in default and whose name appears upon the books of the corporation, directed to him at his place of residence or if that is not known to the secretary, then to his address as last reported by the secretary of the corporation. Where any stock shall have belonged to a person deceased, the claim for installments shall not be liable to sale hereunder until a failure by the personal representative of the deceased owner to pay the installments due in regular course of administration.
     (2) If any residue of money shall remain after paying the amount due on said stock, the same shall, on demand, be paid over to the owner.
     (3) After the first election of directors, no person save the personal representatives of deceased persons, as aforesaid, shall vote on any share on which any installment is in default by reason of the nonpayment thereof, after the expiration of the 30 days' notice of sale hereinbefore provided for.

     History: (1), (2)En. Sec. 6, p. 94, Ex. L. 1873; re-en. Sec. 304, 5th Div. Rev. Stat. 1879; re-en. Sec. 682, 5th Div. Comp. Stat. 1887; amd. Sec. 892, Civ. C. 1895; re-en. Sec. 4273, Rev. C. 1907; re-en. Sec. 6505, R.C.M. 1921; re-en. Sec. 6505, R.C.M. 1935; Sec. 72-203, R.C.M. 1947; (3)En. Sec. 7, p. 95, Ex. L. 1873; re-en. Sec. 305, 5th Div. Rev. Stat. 1879; re-en. Sec. 683, 5th Div. Comp. Stat. 1887; amd. Sec. 893, Civ. C. 1895; re-en. Sec. 4274, Rev. C. 1907; re-en. Sec. 6506, R.C.M. 1921; re-en. Sec. 6506, R.C.M. 1935; Sec. 72-204, R.C.M. 1947; R.C.M. 1947, 72-203, 72-204(part).