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.