Okla. Stat. tit. 18, § 18-381.53c: Refusal or neglect to pay assessment - Sale of stock -

Payment of assessment.

A. If any stockholder shall refuse or neglect to pay the

assessment specified in such notice within sixty (60) days from the

date of mailing, the directors of such association shall have the

right to sell to the highest bidder at public auction any part or

all of the stock necessary to pay the assessment of such

stockholder, after giving the notice of such sale for ten (10) days

in a newspaper of general circulation published in the county where

the main office of such association in this state is located, and a

copy of such notice of sale shall also be served on such stockholder

by mailing a copy of such notice to his last-known address ten (10)

days before the day fixed for such sale, or such stock may be sold

at a private sale and without public notice. However, before making

such private sale thereof, an offer in writing shall first be

obtained and a copy thereof served upon the owner of record of the

stock to be sold, by mailing a copy of such offer to the last-known

address of such owner, and if after service of such offer such owner

shall still refuse or neglect to pay such assessment within thirty

(30) days from the time of the service of such offer, the directors

may accept such offer and sell such stock to the person making such

offer, or to any other person or persons making a larger offer than

the amount named in the offer submitted to the stockholder, but such

stock, in no event, shall be sold for less than the amount of such

assessment so called for and the expense of the sale.

B. Out of the proceeds of the stock so sold, the directors

shall pay the amount of assessment levied thereon and the necessary

cost of sale, and the balance, if any, shall be paid to the person

or persons whose stock has thus been 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 make the same null and void and a new certificate

shall be issued by the association to the purchaser thereof.