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.