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COMPANIES CLAUSES ACT 1863 - SECT 4

Power to company to cancel forfeited shares.

4. Where any share of the capital of the company is after the passing of
this Act declared forfeited under and in pursuance of the provisions with
respect to the forfeiture of shares for non-payment of calls contained in the
Companies Clauses Consolidation Act, 1845,... and the forfeiture is confirmed
by a meeting in accordance with the same provisions respectively, and notice
of the forfeiture has been given,then and in every such case, if the directors
of the company are unable to sell the share for a sum equal to the arrears of
calls and interest and expenses due in respect thereof, the company at any
general meeting held not less than two months after such notice is given may,
in case payment of the arrears of calls, interest, and expenses due in respect
thereof is not made by the registered holder of the share before the meeting
is held, resolve that the share instead of being sold, shall be cancelled; and
the share shall thereupon be cancelled accordingly.

© 1863 Crown Copyright

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