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COMPANIES CLAUSES ACT 1863 - SECT 6

Payment of calls in arrear notwithstanding cancellation.

6. Where it is so resolved that any share shall be cancelled, the holder
thereof shall from and after the passing of the resolution be precluded from
all right and interest therein and in respect thereof; but the cancellation
shall not affect the liability of the last registered holder of the share to
pay to the company all arrears of calls, interest, and expenses due in respect
of the share at the time of the cancellation, or the power of the company to
enforce payment thereof by action or otherwise.

© 1863 Crown Copyright

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