https://www.taxtmi.com/caselaws?id=96787 A subscriber to a memorandum does not become liable to pay for shares unless there is a valid allotment of those shares, followed by the statutory incidents of membership and notice. The record showed no effective resolution or board entry allotting the numbered shares, and the materials relied on were insufficient to prove allotment. Without valid allotment, there could be no valid notice of allotment, and the forfeiture argument did not assist the claimant. The defendant was therefore not liable for the share value, and the dismissal of the suit was upheld. en-us Fri, 06 Jan 1939 00:00:00 +0530 Wed, 11 Jan 2012 11:43:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96787 A subscriber to a memorandum does not become liable to pay for shares unless there is a valid allotment of those shares, followed by the statutory incidents of membership and notice. The record showed no effective resolution or board entry allotting the numbered shares, and the materials relied on were insufficient to prove allotment. Without valid allotment, there could be no valid notice of allotment, and the forfeiture argument did not assist the claimant. The defendant was therefore not liable for the share value, and the dismissal of the suit was upheld. Case-Laws Companies Law Fri, 06 Jan 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96787