The directors may collect any due and unpaid amount by an action at law (which may be brought within the county where the corporation has its registered office), or they shall sell at public sale such part of the shares of the delinquent stockholder as will pay all demands then due from such stockholder with interest and all incidental expenses.

Notice of the time and place of such sale and of the sum due on each share shall be

• given by advertisement at least 1 week before the sale, in a newspaper in the county of this State where such corporation’s registered office is located
• mailed to the delinquent stockholder at his last known post-office address, at least 20 days before the sale.

If the amount due cannot be obtained in the public sale, nor by an action at law within 1 year from the bringing of such action, the stock and any partial consideration previously paid for it is forfeited to the corporation.