1. If a shareholder in a Joint Stock Company fails to pay any installment on his subscription when it becomes due, the board of directors may notify the shareholder to pay the outstanding installment by registered letter. If the shareholder fails to make payment within [30] days, the Company may then sell the share at an open auction or according to the resolutions of the SCA. 2. The Company shall satisfy from the sale proceeds the balance of overdue installments and expenses as compensation for the delay, and shall pay the remaining amount to the holder of the share. The Company shall have a right of recourse against the assets of the shareholder insofar as the Company's claims remain unsatisfied, and the shares shall be recorded in the Share Register in the name of the purchaser.
Interpretation and application must be checked against the official text and current version.