Forfeiture of Shares.

25. If any shareholder fails to pay any instalment on or before the day hereby appointed for the payment of the same, or fails to pay any call on or before the day appointed by the Board, then the Board 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 non-payment of such instalment or call.

26. The notice shall name a further day and a place or places being a place or places at which instalments and calls of the Company are usually made payable, in and at which such instalment or call is to be paid; it shall also state that in event of non-payment at the time and place appointed the shares in respect of which such instalment or call is due, will be liable to be forfeited.

27. 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 Board to that effect, provided that no share shall be forfeited unless any instalment or call due in respect thereof shall have been in arrear at least four months.

28. Any share so forfeited shall be, and be deemed to be the property of the Company, and may be disposed of in such manner as the Board thinks fit.

29. Any shareholder whose shares have been forfeited, shall notwithstanding such forfeiture, be liable to pay to the Company all instalments and calls and fines or interest thereon, owing upon such shares at the time of the forfeiture, though such forfeiture shall involve the extinction at the time of the forfeiture of all interest, claims, and demands, in and against the Company, in respect of the share, and all other rights incident to the share.