not made at less than the prescribed Interval, if any, and that the aggregate Amount of Calls made in any One Year do not exceed the prescribed Amount, if any: and every Shareholder shall be liable to pay the Amount of the Calls so made, in respect of the Shares held by him, to the Persons and at the Times and Places from Time to Time appointed by the Company. paid to Com pany on Calls arrear or overdue. 23. If, before or on the Day appointed for Payment, Interest to be any Shareholder do not pay the Amount of any Call to which he is liable, then such Shareholder shall be liable in to pay Interest for the same at the Rate allowed by Law from the Day appointed for the Payment thereof to the Time of the actual Payment. be allowed on Payments 24. It shall be lawful for the Company, if they think Interest may fit, to receive from any of the Shareholders willing to by Company advance the same, all or any Part of the Monies due in advance of upon their respective Shares beyond the Sums actually Calls. called for; and upon the Principal Monies so paid in advance, or so much thereof as from Time to Time shall exceed the Amount of the Calls then made upon the Shares in respect of which such Advance shall be made, the Company may pay Interest at such Rate, not exceeding the legal Rate of Interest for the Time being, as the Shareholder paying such Sum in advance and the Company shall agree upon. of Calls, with Action or 25. If at the Time appointed by the Company for the Enforcement Payment of any Call, any Shareholder fail to pay the Interest, by Amount of such Call, it shall be lawful for the Company Actio to sue such Shareholder for the Amount thereof, in any Court of Law or Equity having competent Jurisdiction, and to recover the same, with lawful Interest, from the Day on which such Call was payable". Declaration 26. In any Action or Suit to be brought by the Com- Form of pany against any Shareholder to recover any Money in Action or due for any Call, it shall not be necessary to set forth the special Matter, but it shall be sufficient for the Com And shares may be forfeited, whether the Company have so sued or not; see § 29 et seq. Suit for Calls. Matters required to Action for Calls. pany to declare that the Defendant" is the Holder of One Share or more in the Company (stating the Number of Shares), and is indebted to the Company in the Sum of Money to which the Calls in arrear shall amount, in respect of One Call or more upon One Share or more (stating the Number and Amount of each of such Calls), whereby an Action hath accrued to the Company by virtue of this and the special Act. 27. On the Trial or Hearing of such Action or Suit, be proved in it shall be sufficient to prove that the Defendant at the Time of making such Call was a Holder of One Share or more in the Undertaking, and that such Call was in fact made, and such Notice thereof given as is directed by this or the special Act; and it shall not be necessary to prove the Appointment of the Directors who made such Call, nor any other Matter whatsoever; and thereupon the Company shall be entitled to recover what shall be due upon such Call, with Interest thereon, unless it shall appear either that any such Call exceeds the prescribed Amount, or that due Notice of such Call was not given, or that the prescribed Interval between Two successive Calls had not elapsed, or that Calls amounting to more than the Sum prescribed for the total Amount of Calls in One Year had been made within that Period. Register, 28. The Production of the Register of Shareholders Proprietor shall be primâ facie Evidence of such Defendant being a Shareholder, and of the Number and Amount of his Shares. ship. Nonpayment of Calls. Forfeiture of 2 months, And with respect to the Forfeiture of Shares and Non-payment of Calls, be it enacted as follows: 29. If any Shareholder fail to pay any Call payable by him, together with the Interest, if any, that shall Defendant: "Defender," in Scotch Act, referred to in section 164: see note on that section, p. 116. b§ 22. have accrued thereon, the Directors, at any Time after the Expiration of Two Months from the Day appointed for Payment of such Call, may declare the Share in respect of which such Call was payable forfeited, and that whether the Company have sued for the Amount of such Call or not. 30. Before declaring any Share forfeited, the Direc- Notice to be given before tors shall cause Notice of such Intention to be left at or Forfeiture; transmitted by the Post to the usual or last Place of Abode of the Person appearing by the Register of Shareholders to be the Proprietor of such Share; and if the Holder of any such Share be abroad, or if his usual or last Place of Abode be not known to the Directors, by reason of its being imperfectly described in the Shareholders' Address Book, or otherwise, or if the Interest in any such Share shall be known by the Directors to have become transmitted otherwise than by Transfer, as herein-before mentioned, but a Declaration of such Transmission shall not have been registered as aforesaid, and so the Address of the Parties to whom the same may have been transmitted, or may for the Time being belong, shall not be known to the Directors, the Directors shall give public Notice of such Intention in the in Gazette, [London or Dublin Gazette, according as the Company's before declaprincipal Place of Business shall be situate in England ration of Foror Ireland], and also in some Newspaper, as after mentioned; and the several Notices aforesaid shall be given Twenty-one Days at least before the Directors shall make such Declaration of Forfeiture. 21 days feiture. Directors not to take effect 31. The said Declaration of Forfeiture shall not take Forfeiture by effect so as to authorize the Sale or other Disposition of any Share, until such Declaration have been confirmed till confir § 25. § 18, 19. b§ 9, 10. Instead of the words here printed in [brackets], the words " the Edinburgh Gazette" are substituted in the Scotch Act referred to in § 164: see note on that section, in p. 116. § 138. med by a General Meeting; Time and Notice thereof. Sale of for feited Shares. at some General Meeting of the Company, to be held after the Expiration of Two Months at the least from the Day on which such Notice of Intention to make such Declaration of Forfeiture shall have been given; and it shall be lawful for the Company to confirm such Forfeiture at any such Meeting, and by an Order at such Meeting, or at any subsequent General Meeting, to direct the Share so forfeited to be sold or otherwise disposed of. 32. After such Confirmation as aforesaid, it shall be lawful for the Directors to sell the forfeited Share, either by public Auction or private Contract; and if there be more than One such forfeited Share, then either separately or together, as to them shall seem fit; and any Shareholder may purchase any forfeited Share so sold. Evidence as 33. A Declaration in Writing, by some credible to Forfeiture; Person not interested in the Matter, made before any Justice, or before any Master or Master Extraordinary of the High Court of Chancery, that the Call in respect of a Share was made, and Notice thereof given, and that Default in Payment of the Call was made, and that the Forfeiture of the Share was declared and confirmed in manner herein-before required", shall be sufficient Evidence of the Facts therein stated; and such Declaration, and the Receipt of the Treasurer of the Company for the Price of such Share, shall constitute a good Title Certificate of to such Share; and a Certificate of Proprietorship shall Proprietor be delivered to such Purchaser, and thereupon he shall chaser. be deemed the Holder of such Share, discharged from and as to title to Shares sold: ship to pur No more Shares of de. faulting all Calls due prior to such Purchase: and he shall not be bound to see to the Application of the Purchase Money, nor shall his Title to such Share be affected by any Irregularity in the Proceedings in reference to such Sale. 34. The Company shall not sell or transfer more of the Shares of any such Defaulter than will be sufficient, to be sold, Payment of Interest and as nearly as can be ascertained at the Time of such Sale, Shareholder the Arrears then due from such Defaulter on tasut to pay account of any Calls, together with Interest, and the cient for Expenses attending such Sale and Declaration of For- Calls, with feiture; and if the Money produced by the Sale of any Expenses: such forfeited Shares be more than sufficient to pay all Surplus, if Arrears of Calls and Interest thereon due at the Time paid over to of such Sale, and the Expenses attending the Declaration of Forfeiture and Sale thereof, the Surplus shall, on Demand, be paid to the Defaulter. any, to be him. Calls be paid. before Sale of the forfeited 35. If Payment of such Arrears of Calls and Interest But if the and Expenses be made before any Share so forfeited and vested in the Company shall have been sold, such Share shall revert to the Party to whom the same belonged before such Forfeiture, in such Manner as if such Calls had been duly paid. Shares, they are to revert. Creditors And with respect to the Remedies of Creditors of the Remedies of Company against the Shareholders, be it enacted as fol- against lows: Shareholders. against of their Capital not 36. If any Execution, either at Law or in Equity, Execution shall have been issued against the Property or Effects Shareholders of the Company, and if there cannot be found sufficient to the Extent whereon to levy such Execution, then such Execution Shares in may be issued against any of the Shareholders, to the paid up: Extent of their Shares respectively in the Capital of the Company not then paid up: Provided always, that no Provisos. such Execution shall issue against any Shareholder except upon an Order of the Court in which the Action, Suit, or other Proceeding shall have been brought or instituted, made upon Motion in open Court after sufficient Notice in Writing to the Persons sought to be charged; and upon such Motion such Court may order Register to Execution to issue accordingly; and for the Purpose of Execution ascertaining the Names of the Shareholders, and the Creditors. Amount of Capital remaining to be paid upon their respective Shares, it shall be lawful for any Person be open to |