Forfeiture of Shares.

15. If any shareholder fails to pay any instalment on or before the day hereby appointed for payment of the same or fails to pay any call on or before the day appointed by the page 11 Directors, then the Directors may at any time thereafter during such time as the instalment or call remains unpaid serve upon such shareholder a notice calling upon him to pay such instalment or call, together with any interest or other payments that may have fallen due by reason of the nonpayment of such instalment or call.

16. The notice shall name a further day and 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.

17. 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.

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

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