§ 53-41. Stock sold if subscription unpaid. - North Carolina Statutes

§53‑41.  Stock sold if subscription unpaid.

Whenever any stockholder, orhis assignee, fails to pay any installment on the stock, when the same isrequired by law to be paid, the directors of the bank shall sell the stock ofsuch delinquent stockholder at public or private sale, as they may deem best,having first given the delinquent stockholder 20 days' notice, personally or bymail, at his last known address. If no party can be found who will pay for suchstock the amount due thereon to the bank with any additional indebtedness ofsuch stockholder to the bank, the amount previously paid shall be forfeited tothe bank, and such stock shall be sold, as the directors may order, within 30days of the time of such forfeiture, and if not sold, it shall be canceled anddeducted from the capital stock of the bank. (1921, c. 4, s. 25; C.S., s.219(e).)