Laserfiche WebLink
~ , <br />(10) clays ~u-tomatically, without right of recourse, forfeit:: his sh~~rus <br />o.~ ;:l•.ock i.n then Curporat.iorr and without any necoss.ity of furtlrer action <br />by the uoard <rE Directors or shareholders. Irnm~diately after the <br />ten (10) day assessment period or as soon thereafter as practicable, <br />the shareholders or rernaininy shareholder:• shall meet to consider <br />r•;1letlrer. any ollter shareholder will subscribe to tare remainder of tl-e <br />z;toc:k forfe.it•ed by any shareholder as provided by this paragraph and <br />immediately pay the assessment. If the forfeited stock is so subscribed <br />and paid, or if all the assessments are deposited within the ten (l0) <br />d.iy:;, the isuard shall proceed with the project. as contemplated. <br />Section 9. Regular A:,sessments. Notice of assessments <br />shall be cli.vc~n to all stockholders in writing by the Secretary. Said <br />ncrt.icc shall be served by de:positiny the same in L•he United States <br />rail addr~ssc~il to the stockholder at his last known address, postage <br />l~r.•epaid; and the mailing of such notice shall be deemed and held good <br />i111U s;uLficir-il.• service; of same. Said notice of assessment shall irlform <br />ti1F~ stockholder of the amount of t}re a~~essment, demand payment of <br />s:a.id amount, and declare that if payment is nut made within sixty <br />(GG) days of the date of mailing of said notice, said payment shall <br />l~::c:.;na delinyuent; and the shares of stock regisl-ared on Y.he books <br />of the Corporation i-- the name of such stockholder, or at the discretion <br />ol: the Board of Directors, any number of shares, the proceeds of whie;h <br />u~~on sctlc would be sufficient to pay the amount of the: assessment, <br />l~l~_rs interest, shall b~ forfeited to the Corporation and sold to pay <br />• t.h ~ mr.ount o.C L-h^ a:;sesvment or as much thereof as shall not h.rve <br />1~•.~:~n h~r.i.~l l'.o l.h_ Cor.por.:rt~.i.un wit hour. any further dceelcrraCi.un r~F :uclr <br />L,,r Pei t:ure: l,y llu: Corporation. Shares of stock so Forfeited shall <br />i~;~ 1-~~ld .by the Corporation for. ono (1) year from the daf.e of delinquency <br />b•_~;.o~ c sa.lc; and the del.i.nclucnt stud;l;older ~.I+all hav~_ tl-:: r.ighi: to <br />1•,:ele:~~nr said shares at ~-ny t:i.me within said period by paying the amount <br />of the cl~l.inquent assessment, plus interest on said amount at l:he <br />r.;it:e of tr•rolve percenL• (12;;) per annum from date said assessment became <br />cl,~ti.~:yuant. If said amount, l,lus said interest is not paid within <br />B - <br /> <br />