Whenever a majority of two-thirds of the members of any society organized under the provisions of sections 262.290 to 262.540 shall, at an annual meeting, declare such society dissolved, or if from any other cause said society shall be dissolved or fail to meet and pursue the objects of the society for the period of five consecutive years, then the real estate and all the other property held by it shall be sold for cash in hand, at public auction, before the courthouse door of the county, after thirty days’ notice given in some newspaper published in the county, if there be one, and, if not, by ten printed advertisements set up in ten public places in the county, describing the property to be sold, and the time, place and terms of sale. Such sale shall be conducted by the directors, or a majority of them, chosen and elected as provided by sections 262.290 to 262.540, and the proceeds of such sales shall, after payment of all expenses, be divided among the members of such society in proportion to stock held.