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COMPANIES CLAUSES ACT 1863 - SECT 8

Company may cancel forfeited shares with consent of holders.

8. Where any share is declared forfeited, or where any sum payable on any
share remains unpaid, the company, with the consent in writing of the
registered holder of the share, and with the sanction of a general meeting may
resolve that the share shall be cancelled; and immediately thereupon the share
shall be cancelled, and all liabilities and rights with respect to the share
shall thereupon be absolutely extinguished.

© 1863 Crown Copyright

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