Section 179
SEC. 179. Whenever any stockholder shall be six months in arrears in the payment of his dues upon five shares, the secretary or clerk of the corporation shall give him notice in writing of his arrearages by mailing to him at the last post-office address given by him to the corporation a statement of all such arrearages. If the stockholder shall not: pay within two months after such notice the full amount of his arrearages the board of directors may, at its option, declare his shares forfeited. At the time of the forfeiture the withdrawal value of the forfeited shares shall be determined and stated by the board of directors, and the defaulting stockholder shall be entitled to receive such value without interest upon such notice as is required of a withdrawing stockholder. In determining the withdrawal value of such forfeited shares the board of directors shall charge such shares with all fines assessed in accordance with this section.