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Page 275

CHAPTER 26
STATUTORY COMPANIES.

can be made at such rate, not exceeding the legal rate of interest for the time being, as the shareholder and the company agree upon. (34)

Forfeiture of Shares.-Shares may be forfeited for non-payment of calls under the following conditions:
1. There must be failure to pay the call within two months of the day appointed for payment.
2. Twenty-one days' notice of intention to forfeit must be given.
3. The directors may then declare the shares forfeited, whether the company has sued for the amount of the calls or not.
4. Although the shares have been forfeited, the forfeiture cannot be enforced by sale until it has been confirmed at a general meeting held at least two months after notice of intention to forfeit the shares was given.

Forfeited shares may be sold either by the direction of a general meeting or by the directors. No more shares must be sold than is sufficient to pay the call, interest and the expenses of the sale and declaration of forfeiture, and any surplus must be paid to the shareholder in default. If, before sale, payment is made of the call, interest and expenses, the shares revert to the original owner.(35)
The right of forfeiture is not an alternative remedy to a right to sue for calls, and therefore forfeiture does not prevent the company from suing for calls. (36)

Cancellation of Shares.-If Part I of the Companies Clauses Act, 1863, is incorporated in the special Act, a company may cancel forfeited shares. Shares can only be cancelled if
1. They have been declared forfeited, the forfeiture has been confirmed at a general meeting of the company, and notice
of the forfeiture has been given;
2. The directors are unable to sell the shares for to the calls, interest and expenses; and
3. The company in general meeting, not less than two months after the notice of forfeiture is given, resolves that the shares shall be cancelled instead of sold.

34 Ibid., s. 24.
35 Companies Clauses Act, 1845, ss. 29-35.
36 Great Northern Ry, v. Kennedy (1849), 4 Ex. 417.

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where is HTML where is HEAD where is TITLE can be made at such rate, not exceeding what is legal rate of interest for what is time being, as what is shareholder and what is company agree upon. (34) Forfeiture of Shares.-Shares may be forfeited for non-payment of calls under what is following conditions: 1. There must be failure to pay what is call within two months of what is day appointed for payment. 2. Twenty-one days' notice of intention to forfeit must be given. 3. what is directors may then declare what is shares forfeited, whether what is company has sued for what is amount of what is calls or not. 4. Although what is shares have been forfeited, what is forfeiture cannot be enforced by sale until it has been confirmed at a general meeting held at least two months after notice of intention to forfeit what is shares was given. Forfeited shares may be sold either by what is direction of a general meeting or by what is directors. No more shares must be sold than is sufficient to pay what is call, interest and what is expenses of what is sale and declaration of forfeiture, and any surplus must be paid to what is shareholder in default. If, before sale, payment is made of what is call, interest and expenses, what is shares revert to what is original owner.(35) what is right of forfeiture is not an alternative remedy to a right to sue for calls, and therefore forfeiture does not prevent what is company from suing for calls. (36) Cancellation of Shares.-If Part I of what is Companies Clauses Act, 1863, is incorporated in what is special Act, a company may cancel forfeited shares. Shares can only be cancelled if 1. They have been declared forfeited, what is forfeiture has been confirmed at a general meeting of what is company, and notice of what is forfeiture has been given; 2. what is directors are unable to sell what is shares for to what is calls, interest and expenses; and 3. what is company in general meeting, not less than two months after what is notice of forfeiture is given, resolves that what is shares shall be cancelled instead of sold. 34 Ibid., s. 24. 35 Companies Clauses Act, 1845, ss. 29-35. 36 Great Northern Ry, v. Kennedy (1849), 4 Ex. 417. 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 275 where is strong CHAPTER 26 STATUTORY COMPANIES. where is p align="justify" can be made at such rate, not exceeding what is legal rate of interest for what is time being, as what is shareholder and the company agree upon. (34) Forfeiture of Shares.-Shares may be forfeited for non-payment of calls under what is following conditions: 1. There must be failure to pay what is call within two months of the day appointed for payment. 2. Twenty-one days' notice of intention to forfeit must be given. 3. what is directors may then declare what is shares forfeited, whether what is company has sued for what is amount of what is calls or not. 4. Although what is shares have been forfeited, what is forfeiture cannot be enforced by sale until it has been confirmed at a general meeting held at least two months after notice of intention to forfeit the shares was given. Forfeited shares may be sold either by what is direction of a general meeting or by what is directors. No more shares must be sold than is sufficient to pay what is call, interest and what is expenses of what is sale and declaration of forfeiture, and any surplus must be paid to what is shareholder in default. If, before sale, payment is made of what is call, interest and expenses, what is shares revert to what is original owner.(35) what is right of forfeiture is not an alternative remedy to a right to sue for calls, and therefore forfeiture does not prevent the company from suing for calls. (36) Cancellation of Shares.-If Part I of what is Companies Clauses Act, 1863, is incorporated in what is special Act, a company may cancel forfeited shares. Shares can only be cancelled if 1. They have been declared forfeited, what is forfeiture has been confirmed at a general meeting of what is company, and notice of what is forfeiture has been given; 2. what is directors are unable to sell what is shares for to what is calls, interest and expenses; and 3. what is company in general meeting, not less than two months after what is notice of forfeiture is given, resolves that what is shares shall be cancelled instead of sold. 34 Ibid., s. 24. 35 Companies Clauses Act, 1845, ss. 29-35. 36 Great Northern Ry, v. Kennedy (1849), 4 Ex. 417. where is Server.Execute("_SiteMap.asp") %

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