If no bidder who will pay to the association the amount due on the stock and the costs and expenses of sale for the transfer of the stock to that person appears at the time and place set for the sale, no sale may be made, and all the shares of the shareholder must be forfeited to the association together with all amounts previously paid thereon. The association forthwith shall cancel such shares upon its books and records and shall deduct the same from its capital stock and immediately shall notify the commissioner in writing of the action taken. The record of the association's stock book showing the sale or cancellation of stock is prima facie evidence of the regularity of the proceedings of the sale or cancellation.
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