https://www.taxtmi.com/caselaws?id=96622 Share allotments made after unreasonable delay and without notice may be repudiated, leaving the applicant unbound as a shareholder and rendering any resulting forfeiture ineffective. Where more than a year passes between application and alleged allotment, and the applicant neither knew of nor waived objections to the allotment, the delay may be unreasonable, particularly where the payment timetable presupposes prompt allotment. An articles provision requiring payment of "moneys owing" at forfeiture may create an independent contractual liability for an existing debt even where limitation bars its recovery. However, that liability does not arise where the applicant never became a shareholder. en-us Tue, 19 Sep 1933 00:00:00 +0530 Mon, 09 Jan 2012 18:03:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96622 Share allotments made after unreasonable delay and without notice may be repudiated, leaving the applicant unbound as a shareholder and rendering any resulting forfeiture ineffective. Where more than a year passes between application and alleged allotment, and the applicant neither knew of nor waived objections to the allotment, the delay may be unreasonable, particularly where the payment timetable presupposes prompt allotment. An articles provision requiring payment of "moneys owing" at forfeiture may create an independent contractual liability for an existing debt even where limitation bars its recovery. However, that liability does not arise where the applicant never became a shareholder. Case-Laws Companies Law Tue, 19 Sep 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96622