§ 323. Assessment of stockholders to make good impairment of capital;
sale of stock.

Whenever the superintendent shall have made requisition upon any safe
deposit company pursuant to the provisions of article two of this
chapter to make good the amount of an impairment of its capital, the
directors of the safe deposit company shall immediately give notice of
such requisition to each stockholder of the amount of the assessment
which he must pay for the purpose of making good such deficiency, by a
written or printed notice mailed to such stockholder at his place of
residence, or served personally upon him. If any stockholder shall
refuse or neglect to pay the assessment specified in such notice within
sixty days from the date thereof, the directors of such safe deposit
company shall have the right to sell to the highest bidder at public
auction the stock of such stockholder, after giving previous notice of
such sale once a week for two successive weeks in a newspaper of general
circulation in the county where the principal office of such safe
deposit company is located; or such stock may be sold at private sale,
and without such published notice, provided, however, that before making
a private sale thereof an offer in writing to purchase such stock shall
first be obtained, and a copy thereof served upon the owner of record of
the stock sought to be sold either personally or by mailing a copy of
such offer to such owner at his place of residence or the address
furnished by him to the safe deposit company; and if, after service of
such offer, such owner shall still refuse or neglect to pay such
assessment within two weeks from the time of service of such offer, the
said directors may accept such offer and sell such stock to the person
or persons making such offer, or to any other person or persons making a
larger offer than the amount named in the offer submitted to such
stockholder; but said stock shall in no event be sold for a smaller sum
than the amount of the assessment called for and the necessary costs of
sale. Out of the avails of the stock sold the directors shall pay the
necessary costs of sale and the amount of the assessment called for
thereon. The balance, if any, shall be paid to the person or persons
whose stock has been thus sold. A sale of stock as herein provided shall
effect an absolute cancellation of the outstanding certificate or
certificates evidencing the stock so sold, and shall render the same
null and void and a new certificate or certificates shall be issued to
the purchaser or purchasers of said stock.