§ 16-66-412 — Sale of corporate stock - Certificates of purchase

Arkansas § 16-66-412

• Jurisdiction: Arkansas
• Title: 16

Text

(a) Shares or stock levied upon or seized shall be sold by the officer in the same manner as other personal property is sold under the writ by virtue of which the levy is made. The officer making the sale shall execute and deliver to the purchaser a certificate, which certificate may be in the following form: "I (name of the officer and his office) hereby certify, that I have this ............... day of ............... sold to (name of purchaser) ............... shares of the Capital Stock of the (name of the corporation) in conformity with the laws of the state, which said shares were by me seized on the ............... day of ..............., under and by virtue of a certain writ of (describe the writ) and issued and delivered to me out of the ............... Court, on the ............... day of ..............., in favor of (name of plaintiff) against (name of defendant) for the sum and price of $..............., which was the highest and best bid therefor. Witness my hand this ............... day of ................" (b) Upon presentation of the certificate to the president, secretary, cashier, or other principal officer of the corporation, who has charge of the stock books of the corporation, it shall be the duty of such officer to issue to the holder of the certificate a certificate of stock for the number of shares thus levied on and sold and transfer it on the stock books of the corporation, in the same manner as if transferred by the owner in person. When so transferred, the stock of the person whose interest has been sold by the officer under the writ of execution or attachment shall be deemed cancelled and wholly void.

Legislative History

Acts 1891, No. 21, §§ 2, 3; C. & M. Dig., §§ 4343, 4344; Pope's Dig., §§ 5355, 5356; A.S.A. 1947, §§ 30-436, 30-437.