20.       The first named of joint Holders deemed sole Holder
When two or more persons are registered as the holders of any share they shall be deemed to hold the same as joint tenants with the benefit of survivorship subject to the following provisions and other provisions contained in these Articles

  1. The Company shall not be bound to register more than four persons as the holders of any shares.
  2. The joint-holders of shares shall be liable severally as well as jointly in respect of all payments, which ought to be made in respect of such share.
  3. On the death of any one of such joint holders, the survivor or survivors shall only be person or persons recognized by the Company as having any title to such share, but the Directors may require such evidence of death as they may deem fit.
  4. Any one of such joint holders may give effectual receipts for the whole of any dividend payable to such joint holders.
  5. Only the person whose name stands first in the register as one of the joint-holders of any share shall be entitled to delivery of the certificate relating to such share or to receive notices from the Company and any notice given to such person shall be deemed notice to all the joint-holders.

21.       Company not bound to issue more than one certificate
In respect of any share held jointly by several persons, the Company shall not be bound to issue more than one certificate and delivery of a certificate for shares to one of the several joint-holders shall be sufficient delivery to all such holders.

22.       Company to treat registered owner as absolute owner
Save as herein otherwise provided, the Company shall be entitled to treat the registered holder of any share as the absolute owner thereof and accordingly shall not except as ordered by a court of competent jurisdiction or as by statute required be bound to recognize any benami or equitable or other claim to or interest in such share on the part of any other persons.

23.       Board may make calls
The Board may, from time to time, (by a resolution passed at a meeting of the Board and not by circular resolution) but subject to the condition hereinafter mentioned in Articles 24 to 34 make such calls as they may think fit, upon the members in respect of all moneys unpaid on the shares held by them, respectively (whether on account of the nominal value of shares of by way of premium and which are not, by the conditions of the allotment thereof, made payable at fixed times and each member shall pay the amount of every call so made on him to the persons and at the times appointed by the Board.  A call may be made payable by installments.

24.       Notice to Call
At least thirty days notice of any call shall be given by the Company specifying the time and place of payment and the person to whom such call shall be paid.

25.       Call when deemed to have been made
A call shall be deemed to have been made at the time when the resolution of the Board authorizing such call was passed or at the discretion of the Board on such subsequent date as shall be fixed by the Board and may be made payable by the members whose names appear in the register of members on such date.

26.       Directors may extend time of call
The Board may, from time to time, at its discretion extend the time fixed for the payment of any call or change the place where the calls to be paid and may extend such time as to all or any of the members who on account of residence being at a distance or some other cause, may be deemed fairly entitled to such extension but no member shall, as a matter of right, be entitled to such extension, save as a matter of grace and favor.

27.       Revocation of Calls
A call may be revoked or postponed at the discretion of the Directors

28.       Payment of interest on non-payment of call

  1. If any member fails to pay any call due from him on the day appointed for payment thereof of any such extension thereof as aforesaid, he shall be liable to pay interest for the same from the time appointed for the payment thereof to the time of actual payment at the rate not exceeding twelve percent per annum.
  1. The Board shall be at liberty to waive payment of any such interest either wholly or in part.


Nothing in this Articles shall be deemed to make it compulsory for the Board to demand or recover any interest from any such member.

29.       Judgment decree or partial payment not preclude forfeiture
Neither the receipt by the Company of any money which shall, from time to time, be due from member to the Company in respect of his shares, either by way of principal or interest, nor any indulgence granted by the Court in respect of the government of any such money shall preclude the Company from thereafter proceeding to enforce a forfeiture of such share such as hereinafter provided for non-payment of the whole or any balance due in respect of the shares.

30.       Amount payable at fixed time or by installments
If by the terms of issue of any share or otherwise any amount is made payable at any fixed time or by installments at fixed times, (whether on account of the amount of the share or by way of premium), every such amount or installment shall be payable as if it were a call duly made by the Board and of which due notice had been given and all the provisions therein contained in respect of call shall relate to such amount of installment accordingly.

31.       Interest on advance payment of calls
The Board of Directors, may, if it thinks fit, subject to the provisions of Section 92 of the Act, receive from any member willing to advance the same, all or any part of the moneys uncalled and unpaid upon and shares held by him and upon all or any of the moneys so advanced may (until the same should, but for such advance, become payable) pay interest at such rate not exceeding, unless the Company in General Meeting shall otherwise direct, nine percent per annum, or as may be agreed upon between the Board and the member, paying the sum in advance, but shall not in respect of such advances confer a right to the dividend or to participate in profits or to any voting rights.

32.       Proof for money due on shares
Subject to the provisions of the Act, and these Articles, for recovery of any money claimed to be due for any call, it shall be sufficient to prove that the name of the member is entered in the Register of Members as the holders of the shares in respect of which such debt accrued that the resolution making the call is duly recorded in the minutes book and that notice of such call was duly given to the member or his legal representative in pursuance of these presents and it shall not be necessary to prove the appointment of the Director who made such call nor that the meeting at which any call was made, convened or constituted nor any other matter whatsoever, but the proof of the matters aforesaid shall be conclusive proof of the debt.

33.       Liability of joint owners
The joint owners of any share shall be severally as well as jointly liable for the payment of installment of all calls and other payments due in respect of such shares.

34.       Revocation of call
Every member, his executors or administrators shall pay to the Company the proportion of the capital represented by his share or shares which may, for the time being, remain unpaid thereon in such amounts at time or times and in such manner as the Directors shall, from time to time, in accordance with the Company’s regulations require or fix for the payment thereof.

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