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Page 114

CHAPTER 10
SHARES

company all moneys which, at the date of forfeiture, were payable by him to the company in respect of the shares, but his liability shall cease if and when the company shall have received payment in full of all such!moneya in respect of the shares."
Such an article makes the person whose shares have been forfeited liable as a debtor to the company, and not as a contributory, so that where more than a year after the forfeiture the company went into liquidation, it was held that proof for the arrears of calls could be made against the former owner of the shares. (64)
Even without the last part of Art. 37, the company cannot recover more than the difference between the calls due and the amount received on re-issue.
In re Bolton, [1930] 2 Ch. 48. B. underwrote two blocks of shares in a company.. The issue to the public was a failure, and B. was consequently allotted (inter alia) 8,200 £1 shares in the company. He was unable to pay the calls on these shares, which were forfeited. They were then re-issued so that the company received the balance of the calls in full, but the company had to pay the new allottees £1,018 by way of commission. B. became bankrupt. The articles provided that the holder of forfeited shares should remain liable for calls notwithstanding the forfeiture, and the company attempted to prove for the balance of calls due from B. Held, the company could not receive payment of the calls twice over, and could only prove for the actual loss sustained, viz., the £1,018 commission.
A surety for calls is released on forfeiture of the shares without his consent. (65)

SURRENDER
A surrender of shares is not recognised by the Act, and Table A gives no power to accept a surrender. A company's articles, however, frequently give power to the directors to accept a surrender of shares where they are in a position to forfeit such shares and in any other case where a surrender of shares is allowed by law. The cases in which a surrender is lawful are:
1. Where the surrender is accepted to save the company from going through the formalities of forfeiture.

" These [surrenders of shares] have been admitted by the Courts upon the principle, as I understand it, that they have practically the same effect as forfeiture, the main difference being that the one is a proceeding in invitum, and the other a proceeding taken with the assent of the shareholder, who is unable to retain and pay future calle on his shares." (66)

2. Where a surrender of fully paid shares is accepted in egchange~ for new shares of the same nominal value.

64 Ladies' Dress Assn. v. Pulbroo7c, [1900] 2 Q. B. 376.
65 Re Darwen and Pearce, [1927] 1 Ch. 176.
66 Per Lord Watson in Trevor v. Whitworth (1887), 12 A. C. at p. 429.

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where is HTML where is HEAD where is TITLE company all moneys which, at what is date of forfeiture, were payable by him to what is company in respect of what is shares, but his liability shall cease if and when what is company shall have received payment in full of all such!moneya in respect of what is shares." Such an article makes what is person whose shares have been forfeited liable as a debtor to what is company, and not as a contributory, so that where more than a year after what is forfeiture what is company went into liquidation, it was held that proof for what is arrears of calls could be made against what is former owner of what is shares. (64) Even without what is last part of Art. 37, what is company cannot recover more than what is difference between what is calls due and what is amount received on re-issue. In re Bolton, [1930] 2 Ch. 48. B. underwrote two blocks of shares in a company.. what is issue to what is public was a failure, and B. was consequently allotted (inter alia) 8,200 £1 shares in what is company. He was unable to pay what is calls on these shares, which were forfeited. They were then re-issued so that what is company received what is balance of what is calls in full, but what is company had to pay what is new allottees £1,018 by way of commission. B. became bankrupt. what is articles provided that what is holder of forfeited shares should remain liable for calls notwithstanding what is forfeiture, and what is company attempted to prove for what is balance of calls due from B. Held, what is company could not receive payment of what is calls twice over, and could only prove for what is actual loss sustained, viz., what is £1,018 commission. A surety for calls is released on forfeiture of what is shares without his consent. (65) SURRENDER A surrender of shares is not recognised by what is Act, and Table A gives no power to accept a surrender. A company's articles, however, frequently give power to what is directors to accept a surrender of shares where they are in a position to forfeit such shares and in any other case where a surrender of shares is allowed by law. what is cases in which a surrender is lawful are: 1. Where what is surrender is accepted to save what is company from going through what is formalities of forfeiture. " These [surrenders of shares] have been admitted by what is Courts upon what is principle, as I understand it, that they have practically what is same effect as forfeiture, what is main difference being that what is one is a proceeding in invitum, and what is other a proceeding taken with what is assent of what is shareholder, who is unable to retain and pay future calle on his shares." (66) 2. Where a surrender of fully paid shares is accepted in egchange~ for new shares of what is same nominal value. 64 Ladies' Dress Assn. v. Pulbroo7c, [1900] 2 Q. B. 376. 65 Re Darwen and Pearce, [1927] 1 Ch. 176. 66 Per Lord Watson in Trevor v. Whitworth (1887), 12 A. C. at p. 429. 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 114 where is strong CHAPTER 10 SHARES where is p align="justify" company all moneys which, at what is date of forfeiture, were payable by him to what is company in respect of what is shares, but his liability shall cease if and when what is company shall have received payment in full of all such!moneya in respect of what is shares." Such an article makes what is person whose shares have been forfeited liable as a debtor to what is company, and not as a contributory, so that where more than a year after what is forfeiture what is company went into liquidation, it was held that proof for what is arrears of calls could be made against what is former owner of what is shares. (64) Even without what is last part of Art. 37, what is company cannot recover more than what is difference between what is calls due and what is amount received on re-issue. In re Bolton, [1930] 2 Ch. 48. B. underwrote two blocks of shares in a company.. what is issue to what is public was a failure, and B. was consequently allotted (inter alia) 8,200 £1 shares in what is company. He was unable to pay what is calls on these shares, which were forfeited. They were then re-issued so that what is company received what is balance of what is calls in full, but what is company had to pay what is new allottees £1,018 by way of commission. B. became bankrupt. what is articles provided that what is holder of forfeited shares should remain liable for calls notwithstanding what is forfeiture, and what is company attempted to prove for what is balance of calls due from B. Held, what is company could not receive payment of what is calls twice over, and could only prove for what is actual loss sustained, viz., what is £1,018 commission. A surety for calls is released on forfeiture of what is shares without his consent. (65) SURRENDER A surrender of shares is not recognised by what is Act, and Table A gives no power to accept a surrender. A company's articles, however, frequently give power to what is directors to accept a surrender of shares where they are in a position to forfeit such shares and in any other case where a surrender of shares is allowed by law. what is cases in which a surrender is lawful are: 1. Where what is surrender is accepted to save what is company from going through what is formalities of forfeiture. " These [surrenders of shares] have been admitted by what is Courts upon what is principle, as I understand it, that they have practically what is same effect as forfeiture, what is main difference being that what is one is a proceeding in invitum, and what is other a proceeding taken with what is assent of what is shareholder, who is unable to retain and pay future calle on his shares." (66) 2. Where a surrender of fully paid shares is accepted in egchange~ for new shares of what is same nominal value. 64 Ladies' Dress Assn. v. Pulbroo7c, [1900] 2 Q. B. 376. 65 Re Darwen and Pearce, [1927] 1 Ch. 176. 66 Per Lord Watson in Trevor v. Whitworth (1887), 12 A. C. at p. 429. where is Server.Execute("_SiteMap.asp") %

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