Calls, when deemed to be made.
132. All calls in respect of shares shall be made at the discretion of the Board, and a call shall be deemed to be made at the time when the resolution authorising it is passed by the Board.
133. The Board may make calls upon shares
Calls may be made before allotment.
previous to their allotment and issue, and may allot and issue them subject to such calls. In that case, the amount of the said calls, and the time and place at which they are payable, shall be stated upon the provisional and definite share certificates.
134. The joint holders of a share shall be severally,
Joint holders jointly and severally liable.
as well as jointly, liable to the payment of all calls in respect thereof.
135. Whenever, subsequent to the issue of any
Non-payment of calls; appointment of new time and place.
share, a call is made thereon, and the holder does not pay it by the time appointed by the original resolution making the call, the Board may, by any subsequent resolution, if they think fit, appoint a new one, or a new time or new place for such payment.
136. Whenever, subsequent to the issue of any
Twenty-one days notice of time and place for payment subsequent to issue of share.
share, a call is made thereon, 21 days' notice of the time and place originally appointed for the payment thereof shall, either at the time, or any time after the call is made, be given to the holder of such shares.
137. The notice mentioned in the preceding article
Preceding notice unnecessary if calls made before issue.
need not be given with reference to calls made upon shares before their allotment and issue.
138. If any Shareholder shall make default in payment
Defaulting Shareholder may be sued for call, which shall carry interest at £10 per cent, till paid.
of any call upon his shares before their allotment and issue at the time and place at which such call shall be appointed to be payable by the resolution making the call, or if any Shareholder shall make default in payment of any call made upon his shares after their allotment and issue at the time and place at which such call shall be appointed to be payable by the notice
under Article 136, the Company may sue the defaulting Shareholder for the amount unpaid, which shall carry interest at the rate of ten pounds per cent, per annum from the day so as aforesaid appointed for payment thereof.
No voting till call paid.
139. No person shall vote or exercise any privilege as a Shareholder while any call due from him is overdue and unpaid.
140. The Board shall be at liberty, from time to time as they think fit, to receive payment from any Shareholder of the whole or any part of the amount remaining unpaid, or any shares held by him, either in discharge of the amount of a call payable in respect of any other shares held by him, or without any call having been made, provided that the option of paying in full upon any such shares is offered without preference to all the Shareholders.