{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.53c","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.53c","heading":"Refusal or neglect to pay assessment - Sale of stock -","body":"Payment of assessment.\n\nA. If any stockholder shall refuse or neglect to pay the\n\nassessment specified in such notice within sixty (60) days from the\n\ndate of mailing, the directors of such association shall have the\n\nright to sell to the highest bidder at public auction any part or\n\nall of the stock necessary to pay the assessment of such\n\nstockholder, after giving the notice of such sale for ten (10) days\n\nin a newspaper of general circulation published in the county where\n\nthe main office of such association in this state is located, and a\n\ncopy of such notice of sale shall also be served on such stockholder\n\nby mailing a copy of such notice to his last-known address ten (10)\n\ndays before the day fixed for such sale, or such stock may be sold\n\nat a private sale and without public notice. However, before making\n\nsuch private sale thereof, an offer in writing shall first be\n\nobtained and a copy thereof served upon the owner of record of the\n\nstock to be sold, by mailing a copy of such offer to the last-known\n\naddress of such owner, and if after service of such offer such owner\n\nshall still refuse or neglect to pay such assessment within thirty\n\n(30) days from the time of the service of such offer, the directors\n\nmay accept such offer and sell such stock to the person making such\n\noffer, or to any other person or persons making a larger offer than\n\nthe amount named in the offer submitted to the stockholder, but such\n\nstock, in no event, shall be sold for less than the amount of such\n\nassessment so called for and the expense of the sale.\n\nB. Out of the proceeds of the stock so sold, the directors\n\nshall pay the amount of assessment levied thereon and the necessary\n\ncost of sale, and the balance, if any, shall be paid to the person\n\nor persons whose stock has thus been sold. A sale of stock as\n\nherein provided shall effect an absolute cancellation of the\n\noutstanding certificate or certificates evidencing the stock so\n\nsold, and shall make the same null and void and a new certificate\n\nshall be issued by the association to the purchaser thereof.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5e88e8a15dc46c5bde891e460ee27ded0d1bb05846b4ca193289543fc9778371","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.53b","next":"us-ok/okla.-stat.-tit.-18-18-381.53d"},"notice":"GroundRules: Original legal text. Not legal advice."}