Title 16 Corporations Chapter 4 Share Assessment Act Section 305 Number of shares to be sold.
16-4-305.Number of shares to be sold.
(1) On the day, at the time and place appointed for a sale under this part, the secretary or
other officer shall sell at public auction to the highest bidder for cash the number of shares
necessary to pay all amounts due on an overdue assessment.
(2) Shares shall be sold in the smallest fraction as authorized in the articles of
incorporation or the bylaws.
(3) The public auction shall be conducted by open bid, sealed bid, or by other means
provided in the articles of incorporation or bylaws that reasonably protects the delinquent
shareholder's interest.
(4) Proceeds of a sale in excess of the assessment and other amounts due shall be
promptly paid to the shareholder whose shares were sold.
Enacted by Chapter 367, 2007 General Session
Download Code Section Zipped WordPerfect 16_04_030500.ZIP 1,916 Bytes