Section 18, Cap. 287

The net proceeds of any such sale shall be applied in or towardscost of the sale and in or towards satisfaction of the amount due to the Company, or of the liability or engagement, as the case may be, and the balance (if any) shall (subject to a like lien for sums not presently payable as existed on the shares before the sale) be paid to the member or the person (if any) entitled by transmission to the shares so sold at the date of the sale, or as he shall direct.