181(1)In the event of any call on shares of such company remaining unpaid by the holder thereof for a period of sixty days after notice and demand of payment, the shares may be declared to be in default and the secretary of the company may advertise those shares for sale at public auction to the highest bidder for cash by giving notice of the sale in a newspaper published in the county where the principal office of the company is situate, or if no newspaper is published there, then in a newspaper at the nearest place to such office, once a week for four successive weeks.

181(2)The notice shall contain the number of the share certificates in respect of the shares and the number of shares, the amount of the call or calls due and unpaid and the time and place of sale.

181(3)In addition to publishing the notice, it shall be personally served upon the shareholder or sent to him by registered post addressed to him at his place of abode or, when his place of abode is unknown, to his address as shown on the books of the company.

181(4)If the holder of the shares fails to pay the amount due thereon, with interest and the cost of advertising, before the time fixed for the sale, the secretary shall proceed to sell the same, or such portion thereof as suffices to pay the calls together with interest and the cost of advertising and of the sale.

181(5)If the price of the shares so sold exceeds the amount due with interest and costs, the excess shall be paid to the defaulting shareholder on demand.

181(6)In lieu of proceeding to sell under the preceding subsections, the company may maintain an action for the sale of the shares in the Court, and process in such action may be served upon a shareholder resident out of the jurisdiction in the same manner and subject to the same condition as process is permitted to be served out of the jurisdiction in cases provided for by the Rules of Court.

181(7)When there is any question raised as to the validity of a call or as to the right to sell, an action may be brought in the Court for the purpose of determining the validity of the call and the right to sell and process in the action may be served on a shareholder resident out of the jurisdiction as provided in subsection (6).

181(1)In the event of any call on shares of such company remaining unpaid by the holder thereof for a period of sixty days after notice and demand of payment, the shares may be declared to be in default and the secretary of the company may advertise those shares for sale at public auction to the highest bidder for cash by giving notice of the sale in a newspaper published in the county where the principal office of the company is situate, or if no newspaper is published there, then in a newspaper at the nearest place to such office, once a week for four successive weeks.

181(2)The notice shall contain the number of the share certificates in respect of the shares and the number of shares, the amount of the call or calls due and unpaid and the time and place of sale.

181(3)In addition to publishing the notice, it shall be personally served upon the shareholder or sent to him by registered post addressed to him at his place of abode or, when his place of abode is unknown, to his address as shown on the books of the company.

181(4)If the holder of the shares fails to pay the amount due thereon, with interest and the cost of advertising, before the time fixed for the sale, the secretary shall proceed to sell the same, or such portion thereof as suffices to pay the calls together with interest and the cost of advertising and of the sale.

181(5)If the price of the shares so sold exceeds the amount due with interest and costs, the excess shall be paid to the defaulting shareholder on demand.

181(6)In lieu of proceeding to sell under the preceding subsections, the company may maintain an action for the sale of the shares in the Court, and process in such action may be served upon a shareholder resident out of the jurisdiction in the same manner and subject to the same condition as process is permitted to be served out of the jurisdiction in cases provided for by the Rules of Court.

181(7)When there is any question raised as to the validity of a call or as to the right to sell, an action may be brought in the Court for the purpose of determining the validity of the call and the right to sell and process in the action may be served on a shareholder resident out of the jurisdiction as provided in subsection (6).