Upon a determination by the board of directors to sell shares on which payment of an assessment is delinquent and the adoption of an order to sell the shares, the secretary shall prepare a notice of sale, including:

(1)  the name of the corporation;

Terms Used In Utah Code 16-4-302

  • Corporation: means a nonprofit corporation or a profit corporation. See Utah Code 16-4-102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Share: means a share as defined in:
(a) Section 16-6a-102 for a nonprofit corporation; and
(b) Section 16-10a-102 for a profit corporation. See Utah Code 16-4-102
(2)  the location of the corporation‘s principal place of business;

(3)  the date on which the assessment order was adopted;

(4)  a description of the shares on which an assessment is delinquent, including the name of any owner, certificate numbers if share certificates exist, and the number of shares represented by any certificate;

(5)  a description of the amount due and payable with respect to each share on which an assessment is delinquent, including the assessment, any late charge, penalty, or interest, and the estimated costs and expenses of collection;

(6)  a statement of the date, time, and place of the sale of shares to pay the amount payable if the amount is not paid before the identified date; and

(7)  a statement that if shares are purchased at the auction by the corporation, or a director or officer of the corporation for the benefit of the officer or director, the shares may be redeemed by the shareholder for a period of 30 days after the day on which the shares are sold.

Enacted by Chapter 367, 2007 General Session

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