The Pamphlet Collection of Sir Robert Stout: Volume 88
Forfeiture of Shares
Forfeiture of Shares.
Overdue calls, notice of.
Overdue calls, terms of notice.
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
Forfeiture of shares.
forfeited unless the call due in respect thereof shall be at least three months in arrears.
27. Any shares so forfeited shall be the pro-
perty 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.
Continued.
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 be sufficient evidence of the facts therein stated as against all persons previously 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 the 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 proceeding in reference to such forfeiture or sale.
Title to forfeited shares on sale thereof.