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of <h1>Section 49: Equal capital calls on same class shares, except where paid-up amounts create distinct classes</h1> Section 49 mandates that when a company makes calls for further share capital on any class of shares, such calls must be made uniformly on all shares within that class, ensuring equal treatment of shareholders holding the same class of shares. However, the Explanation clarifies that shares having the same nominal (face) value but with differing amounts already paid-up are not regarded as belonging to the same class for this purpose. Consequently, a company may differentiate calls between partly paid and fully paid shares, as they are treated as different classes despite identical nominal value.
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