§5166. Sale of stock for nonpayment; rights of delinquent stockholders
If any person fails to pay his assessment within the time fixed, the treasurer shall sell enough of his stock at auction to pay the same, with 12% interest and the cost of advertising and selling, by first publishing notice of the sale 3 weeks successively in a newspaper printed in the county where the sale is to be, if any, and if not, in an adjoining county. Upon sale the president and treasurer shall issue a new certificate of stock to the purchaser and the delinquent stockholder shall surrender his certificate to be canceled and may have a new one for his unsold shares. If he held bonds, coupons or certificates for fractions of stock, he shall not be entitled to commute them or to receive any dividends on them until he has paid his assessment, with 12% interest. [PL 1987, c. 141, Pt. A, §4 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A4 (NEW).
Structure Maine Revised Statutes
Chapter 605: MANAGEMENT AND OPERATION
Subchapter 4: FORECLOSURE AND REDEMPTION OF MORTGAGES
23 §5161. Railroad mortgages foreclosed
23 §5162. Overdue bonds and coupons for record
23 §5163. Secured creditors become corporation and trustees shall convey to it
23 §5164. First meeting of new corporation; name; possession and use of mortgaged property
23 §5165. Vote to redeem prior mortgage and assessments
23 §5166. Sale of stock for nonpayment; rights of delinquent stockholders
23 §5167. Application of funds
23 §5168. Redemption of prior mortgages by junior mortgages
23 §5169. Meeting regarding redemption of prior mortgages; contribution
23 §5170. Anyone interested in subsequent mortgage may redeem
23 §5171. Delinquents pay proportion and rights restored; new corporation
23 §5172. Redemption by stockholders of old corporation
23 §5173. Noncontributors; notice; rights
23 §5174. Extension of redemption time after foreclosure commenced