https://www.taxtmi.com/caselaws?id=96996 Payment of the required minimum share money validates an allotment where the statutory condition is met. Limitation may bar direct recovery of unpaid calls without extinguishing the underlying debt; a valid forfeiture clause in the articles may therefore support forfeiture and create fresh contractual liability for amounts due, including calls otherwise time-barred for direct enforcement. A directors' committee may pass a forfeiture resolution where the articles validly delegate that power consistently with Table A. Forfeiture clauses recognised under company law are not rendered unenforceable merely because they operate following default or are characterised as penal. en-us Tue, 31 Aug 1948 00:00:00 +0530 Fri, 13 Jan 2012 15:47:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96996 Payment of the required minimum share money validates an allotment where the statutory condition is met. Limitation may bar direct recovery of unpaid calls without extinguishing the underlying debt; a valid forfeiture clause in the articles may therefore support forfeiture and create fresh contractual liability for amounts due, including calls otherwise time-barred for direct enforcement. A directors' committee may pass a forfeiture resolution where the articles validly delegate that power consistently with Table A. Forfeiture clauses recognised under company law are not rendered unenforceable merely because they operate following default or are characterised as penal. Case-Laws Companies Law Tue, 31 Aug 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96996