Article 155 of Companies Law

If a shareholder fails to pay the instalment due on the shares on time, the company must, after fifteen days have elapsed from serving notice on him, offer his shares for sale on the stock exchange. The company shall recover from the proceeds of the sale of the shares, in priority over all the shareholder’s creditors, the value of the unpaid instalments, interest and any expenses the company may have incurred, and the remainder shall be returned to the shareholder. If the proceeds of the sale of the shares are insufficient, the company shall have recourse against the shareholder’s personal assets for the balance.