72.       Member’s liability after forfeiture

Any member whose shares have been forfeited shall cease to be a member in respect of the forfeited shares but shall, notwithstanding the forfeiture, be liable to pay and shall forthwith pay to the Company all calls, installments, interest and expenses and other money owing upon or in respect of such shares at the time of the forfeiture until payment at such rate not exceeding fifteen percent per annum as the Directors may determine and the Directors may enforce the payment thereof if they think fit.

The liability of such person shall cease only when the Company receives payment in full of all such moneys in respect of such forfeited shares.

73.       Surrender of Shares
The Board of Directors may subject to the provisions of the Act, accept the surrender of any share from or by any member desirous of surrendering by way of compromise of any question as to the holder being properly registered in respect of or on any other terms they think fit.

Upon any sale after forfeiture or surrender or for enforcing a lien purported to have been exercised by virtue of the powers hereinbefore given, the Board may appoint some persons to execute an instrument of transfer of the shares sold and cause the purchaser’s to be entered in the Register of members in respect of the shares sold and the Company may received the consideration if any, given for the share on any sale, re-allotment or other disposition thereof and the person to whom such shares are sold, re-allotted or disposed of may be registered as the holder of the share and shall not be bound to see the application of the consideration, if any, nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale, re-allotment or other disposal of the share and after his name has been entered in the register in respect of such shares, the validity of the sale shall not be impeached by any person.  A duly specified declaration in writing that the declarant is a Director or the Secretary of the Company and that a share in the Company has been duly forfeited on a date stated in the declaration shall constitute a good title and shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the shares.

The remedy of any person aggrieved by the sale, re-allotment or other disposal of the shares so forfeited shall be in damages only and solely against the Company.

 

 

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