 

notice on him requiring payment of so much of the call or instalment or other money
as is unpaid, together with any interest which may have accrued and all expenses that
may have been incurred by the Company by reason of non-payment.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2 __| The notice aforesaid shall, Form of notice
(i) name a further day (not being earlier than the expiry of fourteen days from the date
of service of the notice) on or before which the payment required by the notice is to
be made; and
(ii) state that, in the event of non-payment on or before the day so named, the shares
in respect of which the call was made shall be liable to be forfeited.

(3) __| Ifthe requirements of any such notice as aforesaid are not complied with, any share in | In default _ of
respect of which the notice has been given may, at any time thereafter, before the | payment of shares
payment required by the notice has been made, be forfeited by a resolution of the | to be forfeited
Board to that effect. Such forfeiture shall include all dividends declared in respect of
the forfeited shares and not actually paid before the forfeiture.

(4 __| When any share shall have been so forfeited, notice of the forfeiture shall be given to | Entry of forfeiture
the defaulting member and an entry of the forfeiture with the date thereof, shall | in register of
forthwith be made in the register of members. members

(5) The forfeiture of a share shall involve extinction at the time of forfeiture, of all interest | Effect of
in and all claims and demands against the Company, in respect of the share and all | forfeiture
other rights incidental to the share.

(© __| A forfeited share may be sold or re-allotted or otherwise disposed of either to the | Forfeited _ shares
person who was before such forfeiture the holder thereof or entitled thereto or to any | may be sold, etc.
other person on such terms and in such manner as the Board thinks fit.

(7) __| Atany time before a sale, re-allotment or disposal as aforesaid, the Board may cancel | Cancellation of
the forfeiture on such terms as it thinks fit. forfeiture

(8) _ | A person whose shares have been forfeited shall cease to be a member in respect of | Members _ still
the forfeited shares, but shall, notwithstanding the forfeiture, remain liable to pay, and | liable to pay
shall pay, to the Company all monies which, at the date of forfeiture, were presently | money owing at
payable by him to the Company in respect of the shares. the time of

forfeiture

(9) __ | The liability of such person shall cease if and when the Company shall have received | Cesser of liability
payment in full of all such monies in respect of the shares.

(10) A duly verified declaration in writing that the declarant is a director, the manager or | Certificate of
the secretary of the Company, and that a share in the Company has been duly forfeited | forfeiture
on a date stated in the declaration, shall be conclusive evidence of the facts therein
stated as against all persons claiming to be entitled to the share.

(11) | The Company may receive the consideration, if any, given for the share on any sale, | Title of purchaser
re-allotment or disposal thereof and may execute a transfer of the share in favour of | and transferee of
the person to whom the share is sold or disposed of. forfeited shares

(12) _ | The transferee shall thereupon be registered as the holder of the share. Transferee to be

registered as
holder

(13) The transferee shall not be bound to see to the application of the purchase money, if | Transferee not
any, nor shall his title to the share be affected by any irregularity or invalidity in the | affected
proceedings in reference to the forfeiture, sale, re-allotment or disposal of the share.

(i4)_| Upon any sale after forfeiture or for enforcing a Lien in exercise of the powers | Validity of sale
hereinabove given, the Board may, if necessary, appoint some person to execute an
instrument for transfer of the shares sold and cause the purchaser's name to be entered
in the register of members in respect of the shares sold and after his name has been
entered in the register of members in respect of such shares the validity of the sale
shall not be impeached by any person.

(i5)__| Upon any sale, re-allotment or other disposal under the provisions of the preceding | Cancellation of

 

Articles, the certificate(s), if any, originally issued in respect of the relative shares

 

share certificate in

 

377

 
