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Page 113

CHAPTER 10
SHARES

Forfeiture, when exercised, amounts to a reduction of capital, and it is therefore doubtful whether even the articles can authorise forfeiture except on the ground of non-payment of calls or instalments. Table A, Art. 39, authorises forfeiture for non-payment of any sum which, by the terms of the issue of a share, is payable at a fixed time, including premiums. Forfeiture for non-payment of debts due to the company is invalid. (58) Similarly, an article is invalid which authorises the forfeiture of shares held by a member who sues the company or the directors. (59)
An invalid forfeiture can be restrained by injunction. (60)
Forfeited shares may be sold or re-issued by the company according to the provisions of the articles. Table A, Art. 36, provides:

"A forfeited share maybe sold or otherwise disposed of on such terms and in such manner as the directors think fit, and at any time before a sale or disposition, the forfeiture may be cancelled on such terms as the directors think fit."

A forfeiture cannot be cancelled without the consent of the person whose shares have been forfeited. (61)
Forfeited shares can be re-issued at less than the amount which has been paid on them. This is not an issue of shares at a discount, as the company has already received the amount paid up.

Morrison v. Trustees, B;c., Corpn., [1898] W. N. 154. A company had forfeited a number of shares of £5 5s. each, £2 5s. paid, and proposed to re-issue them at the price of 30s. a share. Held, the company could do so, as it was not bound to treat the forfeited shares as if nothing had been paid upon them.

The purchaser of the re-issued shares is liable for the payment of all future calls duly made, including the call which occasioned the forfeiture. (62)
The effect off the forfeiture on the former owner of the shares is to discharge him from his liability on the shares. " The company on forfeiture gets its shares back, and the shareholder who has had his shares forfeited is wholly discharged from his liability." (63) To prevent this position from arising, the articles usually preserve the liability of the former owner. Table A, Art. 37, provides
" A person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares, but shall, notwithstanding, remain liable to pay to the

58 Hopkinscn v. 117ortimer, Harley & Co., [1917] 1 Ch. 646.
59 Hope v. International Financial Soc. (1876), 4 Ch. D. 327.
60 Johnson v. Lyttle's Iron Agency (1877), 5 Ch. D. 687.
61 Larlcworthy's Case, [1903] 1 Ch. 711.
62 New Balkis v. Randt Gold Mining Co., [1904] A. C. 165.
63 Per Luxmoore, J., in In re Bolton, [1930] 2 Ch. at p. 59.

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where is HTML where is HEAD where is TITLE Forfeiture, when exercised, amounts to a reduction of capital, and it is therefore doubtful whether even what is articles can authorise forfeiture except on what is ground of non-payment of calls or instalments. Table A, Art. 39, authorises forfeiture for non-payment of any sum which, by what is terms of what is issue of a share, is payable at a fixed time, including premiums. Forfeiture for non-payment of debts due to what is company is invalid. (58) Similarly, an article is invalid which authorises what is forfeiture of shares held by a member who sues what is company or what is directors. (59) An invalid forfeiture can be restrained by injunction. (60) Forfeited shares may be sold or re-issued by what is company according to what is provisions of what is articles. Table A, Art. 36, provides: "A forfeited share maybe sold or otherwise disposed of on such terms and in such manner as what is directors think fit, and at any time before a sale or disposition, what is forfeiture may be cancelled on such terms as what is directors think fit." A forfeiture cannot be cancelled without what is consent of what is person whose shares have been forfeited. (61) Forfeited shares can be re-issued at less than what is amount which has been paid on them. This is not an issue of shares at a discount, as what is company has already received what is amount paid up. Morrison v. Trustees, B;c., Corpn., [1898] W. N. 154. A company had forfeited a number of shares of £5 5s. each, £2 5s. paid, and proposed to re-issue them at what is price of 30s. a share. Held, what is company could do so, as it was not bound to treat what is forfeited shares as if nothing had been paid upon them. what is purchaser of what is re-issued shares is liable for what is payment of all future calls duly made, including what is call which occasioned what is forfeiture. (62) what is effect off what is forfeiture on what is former owner of what is shares is to discharge him from his liability on what is shares. " what is company on forfeiture gets its shares back, and what is shareholder who has had his shares forfeited is wholly discharged from his liability." (63) To prevent this position from arising, what is articles usually preserve what is liability of what is former owner. Table A, Art. 37, provides " A person whose shares have been forfeited shall cease to be a member in respect of what is forfeited shares, but shall, notwithstanding, remain liable to pay to what is 58 Hopkinscn v. 117ortimer, Harley & Co., [1917] 1 Ch. 646. 59 Hope v. International Financial Soc. (1876), 4 Ch. D. 327. 60 Johnson v. Lyttle's Iron Agency (1877), 5 Ch. D. 687. 61 Larlcworthy's Case, [1903] 1 Ch. 711. 62 New Balkis v. Randt Gold Mining Co., [1904] A. C. 165. 63 Per Luxmoore, J., in In re Bolton, [1930] 2 Ch. at p. 59. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 113 where is strong CHAPTER 10 SHARES where is p align="justify" Forfeiture, when exercised, amounts to a reduction of capital, and it is therefore doubtful whether even what is articles can authorise forfeiture except on what is ground of non-payment of calls or instalments. Table A, Art. 39, authorises forfeiture for non-payment of any sum which, by what is terms of what is issue of a share, is payable at a fixed time, including premiums. Forfeiture for non-payment of debts due to what is company is invalid. (58) Similarly, an article is invalid which authorises what is forfeiture of shares held by a member who sues what is company or what is directors. (59) An invalid forfeiture can be restrained by injunction. (60) Forfeited shares may be sold or re-issued by what is company according to what is provisions of what is articles. Table A, Art. 36, provides: "A forfeited share maybe sold or otherwise disposed of on such terms and in such manner as what is directors think fit, and at any time before a sale or disposition, what is forfeiture may be cancelled on such terms as what is directors think fit." A forfeiture cannot be cancelled without what is consent of what is person whose shares have been forfeited. (61) Forfeited shares can be re-issued at less than what is amount which has been paid on them. This is not an issue of shares at a discount, as what is company has already received what is amount paid up. Morrison v. Trustees, B;c., Corpn., [1898] W. N. 154. A company had forfeited a number of shares of £5 5s. each, £2 5s. paid, and proposed to re-issue them at what is price of 30s. a share. Held, what is company could do so, as it was not bound to treat what is forfeited shares as if nothing had been paid upon them. what is purchaser of what is re-issued shares is liable for what is payment of all future calls duly made, including what is call which occasioned what is forfeiture. (62) what is effect off what is forfeiture on what is former owner of what is shares is to discharge him from his liability on what is shares. " what is company on forfeiture gets its shares back, and what is shareholder who has had his shares forfeited is wholly discharged from his liability." (63) To prevent this position from arising, what is articles usually preserve what is liability of what is former owner. Table A, Art. 37, provides " A person whose shares have been forfeited shall cease to be a member in respect of what is forfeited shares, but shall, notwithstanding, remain liable to pay to what is 58 Hopkinscn v. 117ortimer, Harley & Co., [1917] 1 Ch. 646. 59 Hope v. International Financial Soc. (1876), 4 Ch. D. 327. 60 Johnson v. Lyttle's Iron Agency (1877), 5 Ch. D. 687. 61 Larlcworthy's Case, [1903] 1 Ch. 711. 62 New Balkis v. Randt Gold Mining Co., [1904] A. C. 165. 63 Per Luxmoore, J., in In re Bolton, [1930] 2 Ch. at p. 59. where is Server.Execute("_SiteMap.asp") %

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