7. If a call remains unpaid for sixty days after notice or demand of payment, the directors may declare the shares upon which the call is not paid to be confiscated; and, after such confiscation, the secretary may sell the same at auction.
Such sale shall be announced by a notice sent to the shareholder in default, to his last known address, and inserted twice in a newspaper published in the district in which the company has its head office, or in the neighbouring district if there be no newspaper in such district.
Such notice shall state the number of shares to be sold, the number of the stock certificates for such shares, the name of the shareholder in default, the amount of the calls due and unpaid and the day, hour and place of the sale.
No such sale may take place before thirty days after the date of the first publication of the notice.
If the proceeds of the sale exceed the amount due with interest and cost of advertising, the excess must be paid over to the shareholder in default.
R. S. 1964, c. 283, s. 7.