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transfer shall not be valid except between the parties thereto until the same shall have been noted in the proper form on the books of the company, and the new owner or owners shall have agreed as provided in the Article IX above. The surrendered certificates shall be cancelled before a new certificate in lieu thereof shall be issued. ARTICLE XI Notice of the levying of assessments shall be given by a statement of the amount of such assessment or charge, and the amount levied against each share, and the time when the same is required to be paid. Such notice shall be given by the Secretary through the mails, at least thirty (30) days prior to the time when such assessment is required to be paid. If any assessment or charge shall remain unpaid for a period of ninety (90) days after the day upon which it is required to be paid as aforesaid, the owner or owners of such share or shares shall be subject to the provisions for the collection of assessments provided by law, or, if the Board shall deem it more expedient it may declare a forfeiture of the stock on which the assessment or charge is delinquent. Thereupon, the Secretary shall sell said share or shares for the purpose of paying to the company the assessments or charges remaining unpaid as aforesaid. Notice of the time and place of sale shall be given by publication once a week for two weeks successively in one of the weekly newspapers printed in the county. Any surplus over and above paying the expenses of sale and paying the unpaid assessments shall be paid to the owner or holder of the shares so forfeited and sold. If the former shareholder of forfeited stock, prior to the time of sale thereof as hereinabove provided, shall tender to the Treasurer the amount of the delinquency, with interest, and all costs incurred by the company, in connection with such forfeiture and sale, in cash or certified check on a solvent bank or a cashier's check on such bank, the shares so forfeited 16