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<h1>SS-9: Share Forfeiture Rules Require Board Approval, Notification to Members, and Allow Re-issuance of Forfeited Shares.</h1> The Secretarial Standard-9 (SS-9) issued by the Institute of Company Secretaries of India outlines the principles for the forfeiture of shares due to non-payment of calls. It mandates that the Articles of a company must include a provision for forfeiture, which requires Board approval. The procedure involves notifying the defaulting member, specifying payment details, and consequences of non-payment. Forfeiture results in the loss of membership and share interest, but the member remains liable for outstanding dues. The Board may annul forfeiture if dues are settled. Forfeited shares can be re-issued under specified terms, with the transferee's title unaffected by prior irregularities.