Forfeiture of Shares.

33. If any Member fail to pay any call or instalment on or before the time appointed for the payment of the same the Directors may at any time thereafter during such time as the call or instalment remains unpaid, serve a notice on such Member, requiring him to pay the same; together with any interest that may have accrued, and all expenses that may have been incurred by the Company by reason of such non-payment.

34. The notice shall name a day (not being less than fourteen days from the date of the notice) and a place or places on and at which such call or instalment and such interest and expenses as aforesaid are to be paid. The notice shall also state that in the event of non-payment at or before the time, and at the place appointed, the shares in respect of which the call was made, or instalment is payable, will be liable to be forfeited.

35. If the requisitions of any such notice as aforesaid are not complied with, any shares in respect of which such notice has been given may, at any time thereafter before payment of all calls, or instalments, interest, and expenses due in respect thereof, be forfeited by a resolution of the Directors to that effect.

36. Any share so forfeited shall be deemed to be the property of the Company; and the Directors may sell, re-allot, or otherwise dispose of the same in such manner as they think fit.

37. Any Member whose shares have been forfeited shall, notwithstanding, be liable to pay, and shall forthwith pay to the Company all calls, instalments, interest, and expenses owing upon or in respect of such shares at the time of the forfeiture, together with interest thereon from the time of forfeiture, until payment at the rate of £10 per cent, per annum; and the Directors shall enforce the payment of such moneys or any part thereof, if they think fit, but not otherwise.