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(2)
To give effect to any sale under this article, the board may authorise some person to
transfer the share sold to, or as directed by, the purchaser. The purchaser shall not be
bound to see to the application of the purchase money nor shall the title of the new holder
to the share be affected by any irregularity in or invalidity of the proceedings relating to
the sale.
(3)
The net proceeds of the sale, after payment of the costs, shall be applied in or towards
satisfaction of the amount due and any residue shall (subject to a like lien for any amounts
not presently due as existed on the share before the sale), on surrender of the certificate
for the shares sold, be paid to the holder or person entitled by transmission to the share
immediately before the sale.
CALLS ON SHARES
98.
Calls
(1)
Subject to the terms of allotment, the board may make calls on the members in respect of
any moneys unpaid on their shares (whether in respect of nominal amount or premium)
and each member shall (subject to his receiving at least 14 clear days' notice in writing
specifying when and where payment is to be made) pay to the Company as required by
the notice the amount called on his shares together with any interest pursuant to article
A call may be revoked or postponed as the board may decide.
(2)
Any call may be made payable in one sum or by instalments and shall be deemed to be
made at the time when the resolution of the board authorising that call is passed.
(3)
A person on whom a call is made shall remain liable for it notwithstanding the subsequent
transfer of the share in respect of which the call is made.
(4)
The joint holders of a share shall be jointly and severally liable for the payment of all calls
in respect of that share.
99.
Interest on calls
If a call is not paid before or on the due date for payment, the person from whom it is due
shall pay interest on the amount unpaid, from the due date for payment to the date of
actual payment, at such rate as the board may decide, but the board may waive payment
of the interest, wholly or in part.
100.
Sums treated as calls
A sum which by the terms of allotment of a share is payable on allotment, or at a fixed
time, or by instalments at fixed times, shall for all purposes of these articles be deemed to
be a call duly made and payable on the date or dates fixed for payment and, in case of
non-payment, these articles shall apply as if that sum had become payable by virtue of a
call.
101.
Power to differentiate
On any issue of shares the board may make arrangements for a difference between the
allottees or holders of the shares in the amounts and times of payment of calls on their
shares.
102.
Payment of calls in advance
The board may, if it thinks fit, receive all or any part of the moneys payable on a share
beyond the sum actually called up on it if the holder is willing to make payment in advance
and, on any moneys so paid in advance, may (until they would otherwise be due) pay
interest at such rate as may be agreed between the board and the member paying the
sum in advance.
