Section 114. Assessment of stockholders to make good impairment of capital stock; sale of stock

Whenever the superintendent shall have made requisition upon any  bank
  or  trust  company  pursuant  to  the  provisions of article two of this
  chapter to make good the amount of an impairment of its  capital  stock,
  the directors of the bank or trust company shall immediately give notice
  of  such  requisition  to  each  stockholder  and  of  the amount of the
  assessment which he must  pay  for  the  purpose  of  making  good  such
  deficiency, by a written or printed notice mailed to such stockholder at
  his  last  address  appearing  upon  the  records  of  the bank or trust
  company, or served personally upon him. If any stockholder shall  refuse
  or  neglect  to pay the assessment specified in such notice within sixty
  days from the date thereof, the directors of such bank or trust  company
  shall have the right to sell to the highest bidder at public auction the
  stock  of  such  stockholder,  after giving previous notice of such sale
  once a  week  for  two  successive  weeks  in  a  newspaper  of  general
  circulation  in  the  county  where the principal office of such bank or
  trust company is located; or such stock may be sold at private sale, and
  without such published notice, provided, however, that before  making  a
  private  sale  thereof  an offer in writing to purchase such stock shall
  first be obtained, and a copy thereof served upon the owner of record of
  the stock sought to be sold either personally or by mailing  a  copy  of
  such  offer to such owner at his last address appearing upon the records
  of the bank or trust company; and if, after service of such offer,  such
  owner  shall  still  refuse or neglect to pay such assessment within two
  weeks from the time of service of such offer,  the  said  directors  may
  accept  such  offer  and sell such stock to the person or persons making
  such offer, or to any other person or persons making a larger offer than
  the amount named in the offer submitted to such  stockholder;  but  said
  stock shall in no event be sold for a smaller sum than the amount of the
  assessment  called  for  and  the  necessary costs of sale.   Out of the
  avails of the stock sold the directors shall pay the necessary costs  of
  sale  and  the amount of the assessment called for thereon. The balance,
  if any, shall be paid to the person or persons whose stock has been thus
  sold. A sale of stock  as  herein  provided  shall  effect  an  absolute
  cancellation  of  the outstanding certificate or certificates evidencing
  the stock so sold, and shall render the same null and  void  and  a  new
  certificate  or  certificates  shall  be  issued  to  the  purchaser  or
  purchasers of said stock.