Call on and payment for shares
The directors are empowered by Sec 133 CAMA to make call on shares in respect of any monies unpaid on the shares of the members.
A call on shares is made when;
- A resolution shall be passed by the directors of the company authorizing the call, it may be required to be paid by installment which must be stated in the resolution.
- The joint holders of shares shall be jointly and severally liable to pay all calls on shares
- If at the expiration of the appointed time for payment of shares is unpaid the person liable shall pay with interest at the current bank interest rate per annum. Directors may choose to waive the payment of interest.
- The director may choose to receive part or all of the monies uncalled and unpaid shares by a willing member to pay in advance.
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