Call obligation: outstanding subscription must be called within prescribed time or shares with unpaid calls may be forfeited.

An issuer accepting subscription monies in calls must call outstanding subscription money within twelve months of allotment; non payment of the call within that period leads to forfeiture of the equity shares with calls in arrears and the subscription money paid on those shares, except where a monitoring agency has been appointed, in which case the twelve month calling requirement need not apply.

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