Lien.

32. The Company shall have a first and paramount lien upon all shares registered in the name of each member (whether solely or jointly with others) for his debts, liabilities, 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.

33. For the purpose of enforcing such lien the Directors may sell the shares subject thereto in such a manner as they shall think fit but no sale shall be made until such period as aforesaid shall have arrived and until notice in writing of the intention to sell shall have been served on such member, his executors or administrators, and default shall have been made by him or them in the payment, fulfilment, or discharge of such debts, liabilities or engagements, for seven days after such notice.

34. The net proceeds of any such sale shall be applied in or towards satisfaction of the debts, liabilities, or engagements of such member as aforesaid and the residue (if any) paid to such member or his executors, administrators, or assigns.