If notice not complied
with shares may be
forfeited.
Notice after forfeiture.
Forfeited shares to become property of Company. Power to annul forfeiture.
Arrears to be
standing forfeiture.
43-(1) If the requisitions of any such notice as aforesaid are not complied with, any share or shares in respect of which such notice has been given, may at any time thereafter, before payment of all calls or instalments, interest and expenses due in respect thereof have been made be forfeited by a resolution of the Directors to that effect. Such forfeiture shall include all dividends declared in respect of the forfeited share and not actually paid before the forfeiture and any monies paid in advance of calls.
(2) A certificate in writing under the hands of two Directors and countersigned of the Permanent General Manager or by the General Manager, stating that a share had been forfeited shall be conclusive evidence of such forfeiture.
44. When any share shall have been so forfeited notice of the resolution shall be given to the member in whose name it stood 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 aforesaid.
45. Any share so forfeited shall be deemed to be the property of the Company and the Directors may sell re-allot cancel or otherwise dispose of the same in such manner as they think fit.
46. The Directors may at any time before any shares so forfeited shall have been sold re-allotted or otherwise disposed of annul the forfeiture thereof upon such conditions as they think fit.
47. Any member whose shares have been forfeited paid notwith- 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 the forfeiture until payment at ten Dollars per centum per annum and the Directors may enforce the payment thereof if they think fit.
23
48. The forfeiture of a share shall involve the Forfeiture extinction at the time of the forfeiture of all of share involves interest in, and all claims and demands against the
extinction Company in respect of the shares and all other rights of members' and liabilities incident to the share, between the rights. member whose share has been forfeited and the Company except only such of those rights and liabilities as by these articles are expressly saved.
Lien.
shares.
49. The Company shall have a first and paramount Company's lien upon all the shares registered in the name of each lien on member (whether solely or jointly with others) and upon the proceeds of sale thereof for his debts, liabilities and engagements of whatsover kind solely or jointly with any other person to or with the Company, whether the period for the payment fulfil- ment or discharge thereof shall have actually arrived or not and no equitable interest in any share shall be created except upon the footing and condition that Article 15 hereof is to have full effect. And such lien shall extend to all dividends from time to time declared in respect of such shares. Unless otherwise agreed the registration of a transfer of shares shall operate as a waiver of the Company's lien (if any) on such shares.
50.-(1) For the purpose of enforcing such lien the As to Directors may sell the shares subject thereto in such enforcing
lien by sale. manner as they think fit; but no sale shall be made until such time as the monies are presently payable and notice in writing stating the amount due and giving notice of the intention to sell in default shall have been served on such member or the person (if any) entitled by transmission to the shares and default shall have been made by him or them in the payment, fulfilment, or discharge of such debts, liabilities, or engagements for seven clear days after such notice.
(2) The net proceeds of any such sale and any such Application dividends as aforesaid shall be applied in or towards of proceeds satisfaction of the debts, liabilities, or engagements
of sale.
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