74
Notice after forfeiture.
Forfeited
share to
become pro- perty of the Company.
Power to annul forfeiture,
Arrears to be paid notwith- standing forfeiture.
Forfeiture of
share not to prejudice any call
made.
Shares and dividends
subject to lien for
28
evidence of such forfeiture and an entry of every such certificate shall be made in the minutes of the proceed- ings of the Directors.
66. When any share shall have been so forfeited, notice of the resolution shall be given to the member in whose name it stool immediately prior to the forfeiture, or to the person entitled to the share by transmission, as the case may be, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the Register: but the provisions of this article are directory only, and no forfeiture shall be in any manner invalidated by any omission or neglect to give such notice or make such entry as aforsaid.
67. Any share so forfeited shall be deemed to be the property of the Company, and the Directors may sell, re-allot, or otherwise dispose of the same upon such terms and in such manner as they shall think fit.
68. Notwithstanding any such forfeiture as aforesaid the Directors may at any time, before any share so forfeited shall have been sold re-allotted or otherwise disposed of, permit the share forfeited to be redeemed upon the terms of payment of all calls and interest due upon and expenses incurred in respect of the share, and upon such further terms (if any) as they think fit.
69. Any member whose shares have been forfeited shall, notwithstanding, be liable to pay, and shall forth- with pay to the Company, all calls, instalments, interest, and expenses, owing upon or in respect of such shares at the time of the forfeiture, together with interest thereon from the time of forfeiture until payment at the rate of ten dollars per cent. per annum and the Directors may enforce the payment thereof if they think fit.
70. The forfeiture of a share shall not prejudice the right of the Company to any call already made thereon.
Lien.
71. The Company shall have a first and paramount lien upon all the shares registered in the name of each member (whether solely or jointly with others), and
upon