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The Pamphlet Collection of Sir Robert Stout: Volume 88

Forfeiture of Shares

Forfeiture of Shares.

24. If any shareholder fails to pay any call

Overdue calls, notice of

due on the appointed day, the Company may at any time thereafter, during such time as the call remains unpaid, serve a notice on him requiring him to pay such call, together with any interest that may have accrued by reason of such non-payment.
25. The notice shall name a further day and

Overdue call?, terms of notice.

a place or places, being a place or places at which calls of the Company are usually made payable, on and at which such call is to be paid. It shall also state that in the event of non-payment at the time and place appointed, the shares in respect of which such call was made will be liable to be forfeited.
page 16

Forfeiture of shares.

26. If the requisitions of any such notice as aforesaid are not complied with, any share in respect of which such notice has been given may be forfeited by a resolution of the Directors to that effect: Provided that no share shall be forfeited unless the call due in respect thereof shall be at least four months in arrears.

Continued.

27. Any shares so forfeited shall be, and be deemed to be the property of the Company, and may be disposed of in such manner as the Company thinks fit.

Continued.

28. Any shareholder whose shares have been forfeited shall notwithstanding be liable to pay to the Company all calls and interest thereon owing upon such shares at the time of the forfeiture.

Title to forfeited shares on sale thereof.

29. A statutory declaration in writing that the Call in respect of a share was made, and notice thereof given, and that default in payment of the Call was made, and that the forfeiture of the share was made by a resolution of the Directors to that effect, shall he sufficient evidence of the facts therein stated as against all persons entitled to such share; and such declaration and the receipt of the Company for the price of such share shall constitute a good title to such share, and a certificate of proprietorship shall be delivered to a purchaser, and thereupon he shall be deemed the holder of such share discharged from all calls due prior to such purchase, and he shall not be bound to see to the application of the purchase money, nor shall his title to such share be affected by any irregularity in the proceedings in reference to such sale.