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same class to be
Explanation: Shares of the same nominal value on which different amounts have been | on uniform basis
paid-up shall not be deemed to fall under the same class.

(3) _| Each member shall, subject to receiving at least fourteen days’ notice specifying the | Notice of call
time or times and place of payment, pay to the Company, at the time or times and place
so specified, the amount called on his shares.

(4 __| Acall may be revoked or postponed at the discretion of the Board. Revocation or
postponement of
call

(5) A call shall be deemed to have been made at the time when the resolution of the Board | Call to take effect
authorising the call was passed and may be required to be paid by instalments. from date of

resolution

(© __| Ifby the conditions of allotment of any shares, the whole or part of the amount of issue | Instalments on
price thereof shall be payable by instalments, then every such instalment shall, when | shares to be duly
due, be paid to the Company by the person who, for the time being and from time to | paid
time, is or shall be the registered holder of the share or the legal representative of a
deceased registered holder.

(7) __| The joint holders of a share shall be jointly and severally liable to pay all calls in | Liability of joint
respect thereof. holders of shares

(8) | Ifa sum called in respect of a share is not paid before or on the day appointed for | When interest on
payment thereof (the “due date”), the person from whom the sum is due shall pay | call or instalment
interest thereon from the due date to the time of actual payment at such rate not higher | payable
than 10% per annum, as may be fixed by the Board.

() __| The Board shall be at liberty to waive payment of any such interest wholly or in part. | Board may waive

interest

(0) | Any sum which by the terms of issue of a share becomes payable on allotment or at | Sums deemed to
any fixed date, whether on account of the nominal value of the share or by way of | be calls
premium, shall, for the purposes of these Articles, be deemed to be a call duly made
and payable on the date on which by the terms of issue such sum becomes payable.

(11) In case of non-payment of such sum, all the relevant provisions of these Articles as to | Effect of non-
payment of interest and expenses, forfeiture or otherwise shall apply as if such sum | payment of sums
had become payable by virtue of a call duly made and notified.

(22) | (@ The Board, Payment in

anticipation of
(i) may, if it thinks fit, subject to the provisions of the Act, receive from any | calls may carry
member willing to advance the same, all or any part of the monies uncalled | interest
and unpaid upon any shares held by him; and
(ii) upon all or any of the monies so advanced, may (until the same would, but
for such advance, become presently payable) pay interest at such rate not
exceeding 12% per annum as may be fixed by the Board, unless the
company in general meeting directs otherwise; as may be agreed upon
between the Board and member paying the sum in advance.
(b) Nothing contained in this clause shall confer on the member,
(i) any right to participate in profits or dividends or
(ii) any voting rights in respect of the moneys so paid by him until the same
would, but for such payment, become presently payable by him.
(c) The Directors may at any time repay the amount so advanced.
FORFEITURE OF SHARES
(D __| Ifa member fails to pay any call, or instalment of a call or any money due in respect | If call or

 

of any share, on the day appointed for payment thereof, the Board may, at any time
thereafter during such time as any part of the call or instalment remains unpaid or a
judgement or decree in respect thereof remains unsatisfied in whole or in part, serve a

 

instalment not
paid notice must
be given

 

376

 
