(a) When any stockholder fails to pay any installment or call upon his stock which may have been properly assessed thereon by the directors, at the time when such payment is due, the directors may collect the amount of any such installment or call or any balance thereof remaining unpaid, from the said stockholder by an action at law, or they shall sell at public sale such part of the shares of such delinquent stockholder as will pay all assessments then due from him with interest and all incidental expenses, and shall transfer the shares so sold to the purchaser, who shall be entitled to a certificate therefor. Notice of the time and place of such sale and of the sum due on each share shall be given by advertisement for three weeks successively, once in each week before the sale, in a newspaper of general circulation in the United States Virgin Islands, and such notice shall be mailed by the treasurer of the corporation to such delinquent stockholder at his last known post-office address, at least 20 days before such sale. If no bidder can be collected by a civil action, within one year from the date of the bringing of such civil action, the said stock and the amount previously paid in by the delinquent on the stock shall be forfeited to the corporation.
(b) Any stock forfeited under the provisions of subsection (a) of this section may be reissued, or subscriptions therefor may be received, as in the case of stock not issued or subscribed for.