Section 101: Liability for calls

101. Liability for calls (1) Subject to subsection (2), where a share renders its holder liable to calls, or otherwise imposes a liability on its holder, that liability shall attach to the holder of the share for the time being, and not to a prior holder of the share, whether or not the liability became enforceable before the share was registered in the name of the current holder. (2) Where— (a) all or part of the consideration payable in respect of the issue of a share remains unsatisfied; and (b) the person to whom the share was issued no longer holds that share, liability in respect of that unsatisfied consideration shall not attach to subsequent holders of the share, but shall remain the liability of the person to whom the share was issued, or of any other person who assumed that liability at the time of issue. (3) Subject to the constitution of a company, the procedure for making calls in respect of any money unpaid on shares and the procedure for forfeiture of shares in the event of non-payment of calls shall be the procedure set out in the Fourth Schedule.