181. (a) A company may prescribe in its articles of association or in an allotment agreement provisions allowing the board of directors to forfeit a share allotted by the company and to sell it, if all or part of the consideration owed to the company by the shareholder (hereinafter “the debtor”) remains outstanding on the date and under the conditions prescribed in the articles of association or in such agreement.
(b) Shares forfeited and not yet sold shall be dormant shares, as defined in section 308.
(c) The debtor shall continue to be in debt to the company, unless the shares forfeited have been sold and the company has received the full consideration owed, together with additional sale costs.
(d) Where the consideration received for sale of forfeited shares exceeds the consideration owed by the debtor, the debtor shall be entitled to a refund of part of the consideration given for them, if any, subject to the provisions of the articles of association or any allotment agreement, provided that the consideration remaining in the possession of the company shall be no less than the full consideration owed by the debtor, together with costs involved in the sale.
(e) The provisions of this section shall not derogate from any other remedy available to the company as against the debtor.