COMPANIES ACT, 1929

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Forfeiture of Shaves.

23. If a member fails to pay any call or instalment of a call
on the day appointed for payment thereof, the directors may,
at any time thereafter during such time as any part of such call
or instalment remains unpaid, serve a notice on him requiring
payment of so much of the call or instalment as is unpaid, together
with anv interest which mav have accrued.
24. The notice shall name a further day (not earlier than the
expiration of fourteen days from the date of the notice) on or before
which the payment required by the notice is to be made, and shall
state that in the event of non-payment at or before the time
appointed the shares in respect of which the call was made will be
liable to be forfeited.
25. If the requirements of any such notice as aforesaid are not
complied with, any share in respect of which the notice has been
given may at any time thereafter, before the payment required
by the notice has been made, be forefeited by a resolution of the
directors to that effect.
26. A forfeited share may be 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 mav be cancelled
on such terms as the directors think fit.
27. A person whose shares have been forfeited shall cease to be
a member in respect of the forfeited shares, but shall, notwith-
standing, remain liable to pay to the company all moneys which,
at the date of forfeiture, were presently payable by him to the
company in respect of the shares, but his liability shall cease if
and when the company receive pavment in full of the nominal
amount of the shares.
28. A statutory declaration in writing that the declarant is a
director of the company, and that a share in the company has been
duly forfeited on a date stated in the declaration, shall be con-
clusive evidence of the facts therein stated as against all persons
claiming to be entitled to the share. The company may receive
the consideration, if any, given for the share on any sale or dis-
position thereof and may execute a transfer of the share in favour
of the person to whom the share is sold or disposed of and he shall
thereupon be registered as the holder of the share, and shall not be
bound to see to the application of the purchase money, if any, nor
shall his title to the share be affected by any irregularity or invalidity
in the proceedings in reference to the forfeiture. sale or disposal of
the <hare
29. The provisions of these regulations as to forfeiture shall
apply in the case of non-payment of any sum which, by the terms
of issue of a share, becomes payable at a fixed time, whether on
account of the amount of the share, or by way of premium, as if the
same had been pavable bv virtue of a call dulv made and notified.