"The Board of Directors of the Company, at any time after issuance of partly paid shares, may make calls on such shares and request the members having such shares to pay the outstanding amount due on shares held by them within such time as the Board may deem fit and proper, and in case, any member fails to pay such call money as requested, in full or otherwise, the Board may, at any time thereafter during such time when any part of such call amount remains unpaid, serve at least one notice on such member requiring him to pay so much of the call amount as remains unpaid, together with interest, if any, which may have accrued till date and in case of default by the members, the Board of Directors may thereafter proceed to forfeit such shares without giving any further opportunity to such member and consequent upon the forfeiture of such shares on which the call money was not received in accordance with the provisions of this clause; the share certificates issued in respect of such shares shall automatically stand cancelled and the member concerned shall not have any right over such shares and shall cease to be a member of the Company with respect to such shares. -longest sentence ever written by me-some 200+ words.
Posted on: Tue, 17 Sep 2013 11:56:25 +0000
Trending Topics
Recently Viewed Topics
© 2015