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The Pamphlet Collection of Sir Robert Stout: Volume 7

Forfeiture of Shares

Forfeiture of Shares.

14. Any shareholder not having received an advance of money as hereinafter specified, continuing to neglect the payment of his subscriptions until the fines thereby incurred shall equal all the money actually paid by him (exclusive of entry money), shall thereupon cease to be a shareholder, and shall, ipso facto, forfeit, all interest thereon. All investing shares, on which the entry money only has been paid, shall be held forfeited on the second monthly meeting night thereafter.