The Pamphlet Collection of Sir Robert Stout: Volume 65
Lien
Lien.
38. The Company shall have a first and paramount lien upon all the shares and stock registered in the name of each Member (whether solely or jointly with others) for his debts, liabilities page 14 and engagements, solely, or jointly with any other person, to or with the Company, whether the period for the payment, fulfilment or discharge thereof shall have actually arrived or not.
39. For the purpose of enforcing such lien the Directors may sell the shares or stock subject thereto without any notice to [unclear: and] consent by the holder of such shares or stock or any other person; but no sale shall be made unless and until default [unclear: be] made in the payment, fulfilment, or discharge of such [unclear: debet] liabilities, or engagements.
40. The net proceeds of any such sale shall be applied in [unclear: or] towards satisfaction of the debts, liabilities, or engagements, and the residue (if any) paid to such Member or his execution administrators or assigns.