Section 1: Calls on shares

1. Calls on shares (1) Board may make calls (a) The Board may, from time to time, make such calls as it thinks fit upon the shareholders in respect of any amount unpaid on their shares and not by the conditions of issue made payable at a fixed time or times, and each shareholder shall, subject to receiving at least 14 days’ written notice specifying the time or times and place of payment, pay to the company at the time or times and place so specified the amount called. (b) A call made under subparagraph (1) may be revoked or postponed as the Board may determine. (2) Timing of calls A call may be made payable at such times and in such amount as the Board may determine. (3) Liability of joint holders The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof. (4) Interest (a) Where an amount called in respect of a share is not paid on or before the time appointed for payment thereof, the person from whom the amount is due shall pay interest on that amount from the time appointed for payment thereof to the time of actual payment at such rate not exceeding 10 per cent per annum as the Board may determine. (b) The Board may waive, wholly or partly, any interest payable under subparagraph (a). C35 – 217 [Issue 1] Companies Act (5) Instalments Any amount which by the terms of issue of a share becomes payable on issue or at any fixed time shall for all purposes be deemed to be a call duly made and payable at the time at which by the terms of issue the same becomes payable and, in case of non-payment, all the relevant provisions of this Schedule relating to payment of interest and expenses, forfeiture or otherwise shall apply as if the amount had become payable by virtue of a call duly made and notified. (6) Differentiation as to amount The Board may, on the issue of shares, differentiate between the holders as to the amount of calls to be paid and the times of payment.