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The Pamphlet Collection of Sir Robert Stout: Volume 88

Fines

Fines.

10. If any shareholder neglects to pay any instalments as defined in clause No. 6, on the first Monday in any month as by the said clause prescribed, a further sum of one penny for every month and part of a month during which such instalment is in arrear, shall be due and payable by him upon every such instalment so in arrear.

11. If before or on the day appointed for the payment of any call, any shareholder does not pay the amount of any call to which he is then liable, such shareholder shall pay interest for the same at the rate of £15 per centum per annum, to be calculated from the day appointed for payment thereof, until payment.

12. The Board may if they think fit, receive from any of the shareholders willing to advance the same, any part of the moneys for which they are liable upon their respective shares beyond the sums actually due, so however that not more than £5 per share shall be so paid up, and such shareholder shall be entited to participate in the profits of the Company in respect of the moneys so paid in advance or so much thereof as from time to time exceeds the amount of the calls or instalments then due upon the shares in respect whereof such advance has been made in the manner hereinafter set forth.