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COMPANIES CLAUSES ACT 1863 - SECT 7

Value of forfeited shares to be deducted from amount due in respect thereof, &c.

7. Provided always, that if the company enforces the payment of the arrears of
calls, interest, and expenses under the last preceding provision, the value of
the share at the time of the cancellation thereof shall be deducted from the
amount so then due; provided also, that if payment of all arrears of calls,
interest, and expenses is made before such meeting as aforesaid is held, the
share shall revert to the person to whom it belonged at the time of the
forfeiture, and shall be re-entered on the company's register accordingly.

© 1863 Crown Copyright

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